Semi-Daily Journal Archive

The Blogspot archive of the weblog of J. Bradford DeLong, Professor of Economics and Chair of the PEIS major at U.C. Berkeley, a Research Associate of the National Bureau of Economic Research, and former Deputy Assistant Secretary of the U.S. Treasury.

Tuesday, September 12, 2006

Rodrigo Rato Wants to Make News

Felix Salmon writes at RGE Monitor:

RGE - Rato "doesn't want" a global recession: How can you tell that Rodrigo Rato was a finance minister before he became managing director of the IMF, and not a central banker? He actually says something occasionally!

This time it's in an article to be published tomorrow in Börsen-Zeitung. He's particularly worried about the US current-account deficit, writing that

The debate on these imbalances should be taken very seriously because a disorderly resolution of the problem could spark a global recession which we don't want.

It seems that Rato wants to embrace his destiny: to turn the IMF into an institution which actually tries to do something about first-world global imbalances, rather than concentrating on emerging markets and occasionally kvetching ineffectually about the US. Of course, whether he'll succeed is another matter entirely.

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