The European Union's Role in International Economic Fora: The IMF

Joachim Koops, Dominik Tolksdorf

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Abstract

This paper forms part of a series of nine studies on the role of the European Union in international economic fora, prepared by Policy Department A at the request of the Committee on Economic and Monetary Affairs of the European Parliament. It provides factual background information about the International Monetary Fund (IMF) as well as about the EU’s relations with the IMF (both in terms of the IMF's role in the EU and the EU’s role, representation and impact in the IMF). The paper focuses in particular on the impact of IMF-EU relations in the wake of the financial crisis and explores issues of accountability, transparency and options for increased legitimacy also in the context of the “Troika” programmes across Europe, particularly in Greece. The strong influence of European policy-makers and institutions in the context of the “Troika” programmes raise not only fundamental questions about the future of EU-IMF relations, but also about transparency, legitimacy and accountability of financial assistance programmes as well as global and European global economic governance. The paper also considers wider reflections by non-EU members of the IMF on the more intensified involvement of the IMF in European affairs and provides ten concrete recommendations to members of the European Parliament.
Original languageEnglish
Title of host publicationStudy for the European Parliament, ECON Committee
PublisherEuropean Parliament
Publication statusPublished - Sep 2015

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