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International Monetary Fund. External Relations Dept.
IMF chief economist Simon Johnson, IEO report, Sub-Saharan Africa, Tom Bernes, Joanne Salop, exchange rate analysis, CGER, Jonathan Ostry, Belize, Malan report, IMF-World Bank cooperation, Bruegel, IMF goverance, Colin Bradford, global imbalances.
International Monetary Fund. External Relations Dept.

an interactive discussion forum that will enable them to participate in an ongoing dialogue about the IMF and its work. Ultimately, it is envisaged that the site will evolve into a fully integrated, virtual meeting place for the IMF and its network of legislators. Such an interface would provide an efficient way to increase existing efforts while also creating opportunities for more frequent and inclusive dialogue with this influential group. IMF Survey MAGAZINE News, views, and analysis from the IMF Read it online @ www.imf.org/imfsurvey

International Monetary Fund. European Dept.
This Selected Issues paper focuses on the Baltic model, Baltic–Nordic links, and convergence. The Baltic countries form a distinct group within a tightly integrated Nordic–Baltic region. They are following similar approaches to economic policy, broadly in line with those of Northern European and the Anglo-Saxon countries. Their macroeconomic policies are generally robust. The paper examines the possible causes of the creditless recoveries in the Baltic countries. It characterizes their experience in comparison with other episodes of creditless recoveries in both advanced and emerging market economies, and also investigates demand and supply constraints to credit expansion in the Baltics.
International Monetary Fund
Ireland’s major property bubble burst at the same time as the global financial crisis erupted, plunging the country into a severe recession in 2008–10. Public debt climbed rapidly as revenues collapsed and as banks’ rising loan losses increasingly required public support. Following the Greek crisis in spring 2010 and emerging tensions in the euro area, the last act in the process saw the operation of the “sovereign-bank loop”—a vicious cycle where uncertainty about banks’ health fed into doubts around the sustainability of public debt, which only added to fears about the banks. The government lost access to market financing at manageable interest rates, and Ireland entered into a three-year program supported by €67.5 billion of financial assistance from the European Union (EU) and IMF in late 2010. Ireland’s program therefore had three main goals: restoring the viability of the banking system; putting the public finances on a sustainable path and returning to market funding; and restarting economic recovery including by improving growth potential. A large bank recapitalization in early 2011 helped stabilize deposits and other bank funding. The government’s access to market financing was progressively regained from mid 2012, enabling Ireland to exit the program at the end of 2013 and rely fully on market financing at highly favorable terms. The first signs of recovery were seen in strong job creation starting in the second half of 2012, and Ireland’s recent economic figures have surpassed even the most optimistic expectations, with growth of about 5 percent in 2014. Seeking to draw lessons for Ireland, the EU, and the IMF, as well as other countries facing similar challenges, the Central Bank of Ireland (CBI), the Centre for Economic Policy and Research (CEPR), and the IMF organized a conference titled “Ireland—Lessons from Its Recovery from the Bank-Sovereign Loop.” Held on January 19, 2015, at the historic Dublin Castle, it brought together Irish government representatives, European officials, academics, journalists, private sector representatives, and other stakeholders, as well as the IMF’s Managing Director. The conference discussions were anchored by three papers by leading international academics and moderated by journalists familiar with the issues. The event concluded with a high-level panel discussion by senior policymakers.
International Monetary Fund. Strategy, Policy, & Review Department, International Monetary Fund. Finance Dept., and International Monetary Fund. Legal Dept.
The challenges from the pandemic, spillovers from geopolitical shocks, and long-standing structural problems pose an enormous impediment for balance of payments stability and resilient and sustainable growth, especially for low-income and vulnerable middle-income countries. The $650 billion SDR allocation in August 2021 has helped support economic stability by supplementing members’ reserves. There is scope to amplify the effect of these SDRs by channeling them from countries with strong external positions to countries where the needs are the greatest.
International Monetary Fund. European Dept.

taken from various sources: UNCOMTRADE, CEPII and IMF CDIS, and WEO; the coverage includes EU27 and selected CIS countries and a time span of 2000-12 (trade data) and 2009-12 (FDI data). 11. Cluster analysis from the IMF’s Strategy and Policy Review Department visually summarizes trade, FDI, portfolio investment, and banking links. 5 This analysis shows that the Baltic countries form a cluster with each other, Sweden, and Finland. Denmark and Norway are also closely tied to the Baltics through their common Nordic links. D. Convergence 12. The

International Monetary Fund

International Monetary Fund (2014a) for an analysis from the IMF. 10 For a complete set of equations that characterize the dynamics of debt and budget balances, see Escolano (2010) . 11 See Merola, Hoeller, and Sutherland (2012) . 12 Because there is a transition period, this rule applies only three years after the correction of the excessive deficit. Given that this is likely to happen in 2015, the debt reduction rule is effective only from 2019. 13 The Irish government and the Fiscal Policy Council estimate the total fiscal effort