The Congressional Research Service (CRS) issued a paper on the role of the International Monetary Fund (IMF) in the global financial crisis. CRS sees the IMF mitigating the crisis in two ways: (1) immediate crisis management, and (2) increased surveillance of the global economy. For the first, the IMF activated its Emergency Financing Mechanism (EFM) to expedite loans and has available the Exogenous Shocks Facility (ESF) to assist low-income countries facing events outside their control. CRS says that the "deepening interconnectedness of the international economy" calls for greater cooperation between the IMF and international financial regulatory bodies.

The Global Financial Crisis: The Role of the International Monetary Fund (IMF), RS22976 (pdf, 6pp/76kB), Oct. 27, 2008, from Open CRS

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