No one will descend from the heavens, deus ex machina, to bail out the IMF or the EU.

But is an EMF really what is required in the long run? I think not.

The EU s leaders will try hard to keep the IMF at bay.

United Nations Industrial Development Organization

Agreements with, and access to, the International Monetary Fund and Europe s new bailout fund provide (soft) constraints.

Financing should come from the International Monetary Fund, the World Bank, the European Bank for Reconstruction and Development, as well as from bilateral support provided by the US, the European Union, China, and the Gulf states.

The IMF s Tough Choices on Greece

The New IMF

The Next IMF

International Monetary Fund (IMF)

But even the creation of a European Monetary Fund cannot save the world economy if confidence between China and the US breaks down.

The IMF could set up a special vehicle along the lines of its New Arrangements to Borrow (NAB), which would be capitalized by a first loss layer from the EFSF with the IMF s own capital comprising a second layer.

The IMF s Euro Crisis

The IMF s False Confession

Europe in the IMF

Set the IMF Free

Strengthening IMF Surveillance

The IMF and Global Coordination

The IMF Beyond The Crisis

The IMF Does Europe

The IMF Needs Fresh Thinking on Capital Controls

The IMF s America Problem

The IMF s Half Step

European Union heads of government, and the European Central Bank, initially rejected the idea of involving the International Monetary Fund, but without a fall back plan.

In its 2011 forecast, the International Monetary Fund predicted that the European economy would grow by 2.1 in 2012.

Others call for allocating Special Drawing Rights (SDR s) from the IMF, or for using the IMF s gold resources.

Don t Fear the IMF

How the IMF Failed Greece

Banking on the IMF

The obvious answer is the International Monetary Fund.

So now is the IMF s moment.

Eurozone Chutzpah and the IMF

That is the IMF.

The IMF s Switch in Time

What is the IMF s Mission?

6 Washington, D.C., IMF, 1993.

The core issue is burden sharing across bondholders, citizens of the deficit countries, the EU, and, indeed, the rest of the world (via the International Monetary Fund).

And the last EU summit announced the creation of a permanent European Stability Mechanism (ESM) a sort of European Monetary Fund with an effective lending capacity of 500 billion.

This is the International Monetary Fund s role, but the IMF s mandate is just that surveillance, not enforcement.

We can expect to hear all kinds of misleading excuses from EU sources for excluding the IMF the Fund is too American, Europe must resolve its own problems, and the IMF is not appropriate to our circumstances.

They belonged to a global institution, the International Monetary Fund, and to a pair of regional ones, the European Commission and the European Central Bank.

An IMF We Can Love?

Choosing the IMF s Next Leader

High Noon at the IMF

The International Monetary Fund had been called in for an emergency rescue.