International Monetary Fund

Venezuela: How not to run an oil sector

13.12.2018

Venezuela sits on the world’s largest oil reserves but it is not even one of the top 10 global oil producers – and output is falling sharply. Socialist, resource-nationalist policies implemented by former President Hugo Chavez – and continued by President Nicolas Maduro today – are behind the country’s poor performance. With an utter economic dependence on oil, the country has become destitute. Only a drastic change in policy can reverse Venezuela’s course.

Dr. Carole Nakhle

ENERGY

Togo faces two years of turmoil

A December 2017 demonstration in Togo against President Faure Gnassingbe

06.09.2018

Togo is another instance of “third termism” in sub-Saharan Africa, as a long-time ruler determined to stay in power collides with an increasingly angry populace. President Faure Gnassingbe appears to be losing his grip ahead of the 2020 presidential elections, while his well-organized opponents may be able to count on outside intervention from ECOWAS, West Africa’s regional bloc.

Teresa Nogueira Pinto

POLITICS

Dr. Joseph S. Tulchin

ECONOMY

Dark clouds gathering over the global economy

04.07.2018

We are probably coming to the end of a global economic recovery. But with interest rates still hovering around zero, central banks will have no ammunition to fight a recession. Meanwhile, debt is high and more trade barriers are going up. The underlying causes of global economic imbalances, and not just the symptoms, must be addressed.

Prince Michael of Liechtenstein

POLITICS

Egypt: Proud and jittery as El-Sisi begins second term

Egyptian woman holds portrait of President El-Sisi on second day of presidential election

14.05.2018

With the Middle East in turmoil, the Arab world’s most populous nation and its biggest army are nowhere to be found. Egyptian President Abdel-Fattah El-Sisi believes the path to national greatness begins at home, with economic development – not foreign entanglements. But as trouble builds up in Egypt’s immediate neighborhood, Mr. El-Sisi may not be able to stay out.

Ambassador Zvi Mazel

DEFENSE

Is a European Monetary Fund needed?

French President Emmanuel Macron and German Chancellor Angela Merkel hold a press conference at an EU summit

28.11.2017

In December, the European Commission will publish its proposal to establish a European Monetary Fund. From a strictly economic point of view, such a fund is not needed. There are plenty of political reasons, however, with Germany, France and the EC all pursuing their own contradictory goals. That makes it likely that an EMF will eventually be created, even though it will amount to little more than the existing European Stability Mechanism.

Dr. Michael Wohlgemuth

ECONOMY

GIS Dossier: Shinzo Abe’s Japan

Prime Minister Shinzo Abe grins after winning Japan’s October 2017 snap election

25.10.2017

Shinzo Abe is not popular, but this consummate political insider has become just the second prime minister in Japan’s history to win three general elections. He managed this feat by skillfully juggling factions in the dominant Liberal Democratic Party, stirring life into Japan’s stagnant economy, and pledging vigorous leadership in the face of a nuclear-armed Korea. Can Mr. Abe turn around a country widely seen to be in irreversible decline?

GIS Feature

POLITICS

Euro crisis: time for a rerun?

Athens, July 22, 2015: Greeks protest against austerity measures; three months into 2016, there is still no agreement on extremely unpopular pension cuts that have yet to win approval from lawmakers (source: dpa)

24.03.2016

After Greece obtained its third bailout last summer, Europe turned its attention to other crises. But it would be naive to conclude that the sovereign debt crisis is over. The Greek drama is still far from a happy ending; in Portugal and Spain, fragile left-wing governments may want to abandon austerity and roll back reforms; France has declared a state of economic...

Dr. Michael Wohlgemuth

ECONOMY

Exchange rates: a race to the bottom

29.02.2016

Trying to predict how exchange rates will evolve during the rest of the year is a futile exercise. For different reasons, the world’s major central banks are all doing their best to weaken their own currencies. Summary <i>In the United States, the Federal Reserve is having second thoughts about resetting ...

Professor Enrico Colombatto

ECONOMY

IMF puts itself in a fix as it bends rules to bail out Ukraine

Davos, Switzerland, Jan. 21, 2016: Christine Lagarde, managing director of the International Monetary Fund, with Ukrainian President Petro Poroshenko after Ukraine refused to repay its debt to Russia (source: dpa)

03.02.2016

On December 18, 2015, the government of Ukraine announced it had no intention of honoring a $3 billion Eurobond loan owed to Russia that would mature on December 20. Given the cross-default clause written into that bond, under British law, this was a momentous decision. It gave the Kremlin the right to have Ukraine declared in sovereign default, which would have pr...

Professor Stefan Hedlund

DEFENSE

Venezuela: How not to run an oil sector

Togo faces two years of turmoil

INFOGRAPHIC: The IMF's forecasts for Venezuela

Dark clouds gathering over the global economy

Egypt: Proud and jittery as El-Sisi begins second term

Is a European Monetary Fund needed?

GIS Dossier: Shinzo Abe’s Japan

Euro crisis: time for a rerun?

Exchange rates: a race to the bottom

IMF puts itself in a fix as it bends rules to bail out Ukraine