(PressZoom) - Kenneth Rogoff, Thomas D. Cabot Professor of Public Policy and Economics and a former Chief Economist and Director of Research at the International Monetary Fund (IMF), said the exploding growth of global finance since 1995 meant that the Fund, the United Nations and the World Bank must heighten their oversight functions. The rate of borrowing by the United States, which amounted to $800 million a year and totalled 70 per cent of world savings, required dramatic adjustments in interest and exchange rates, and had led the IMF to seek a multi-region deal to smooth those adjustments.

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Posted by pichu at October 11, 2006 12:02 AM