Tuesday, November 18, 2008
Shaukat Aziz: The IMF must come to the fore in countries’ time of need
As Pakistan finalises a $7.6 billion bailout from the IMF, the country’s former prime minister says leadership and wisdom is required to help the globalized financial markets survive the financial crisis.
The foundations of the global financial system have been shaken and we are going through a very challenging period, facing a crisis of confidence with reduced liquidity, capital and debt availability. The world has globalized and inter-linkages, dependencies and connectivity have increased exponentially.
When the crisis arrived, many argued that decoupling would occur and there would be no contagion. Nothing is farther from the truth: no country or market is an island. All stakeholders will be hit. As the dynamics of each market are different, the extent of the impact will vary but no one can completely escape this tidal wave.
We must examine why we arrived at such a situation and what lessons we can learn. Can we prevent such events from reoccurring? A few years ago, things were healthy: rising asset values, strong global growth, buzzing markets abundant capital flows and plentiful liquidity. Globalization, deregulation and liberalization were...
Please log in now to view.
Enter your username (email address) and password at the top right-hand side of euromoney.com.
If you do not currently have access to this content, visit the subscription page or call our hotline on +44 (0)207 779 8999.
Subscribe online now and save up to 30%
If you are a trialist or subscriber, please enter your username and password at the top right-hand side of euromoney.com
Subscribers to Euromoney benefit from:
- 12 months access in print and online - on euromoney.com, read the latest issue early online, search for specific developments by region or sector, interrogate the results of Euromoney's benchmark polls, and view the archive dating back to 1996
- More than 30 specialist research guides free
- The results of Euromoney’s polls and surveys
- Tailored RSS news feeds direct to your desktop
- News delivered directly to your mobile device or PC
- Personalised email newsfeed of 'Top stories' and 'Breaking news'
Click here to subscribe