使命IMF-可能？

Rodrigo De Rato正在为全球经济的监护人寻求大胆的新职责。他的第一次挑战：在触发危机之前，减少了与中国的大规模美国赤字。这是一个令人生畏的任务 - 有些人可能会说绝望。这就是他可能成功的原因。

For an organization that at times in the 1990s seemed to run the world economy, this has been a humbling decade. The International Monetary Fund's role in promoting the so-called Washington consensus of budgetary discipline, privatization and trade liberalization provoked a strong backlash in developing countries. Asian nations, bitter about the IMF-enforced austerity measures after the region's 1997 financial crisis, have amassed record foreign exchange reserves to ensure they never again have to go cap in hand to the Fund. Argentina ignored the Fund and negotiated a debt restructuring on its own terms. In the

U.S. a congressionally mandated panel criticized IMF bailouts and urged a drastic curtailing of the organization's role.

与此同时，全球经济蓬蓬，与以边缘化基金的任何东西都做得多。阿根廷和巴西在今年年初提前偿还了他们的国际货币基金组织借款，导致该组织的贷款延伸到25年的低位。突然，这不是一个闲置的问题，只是什么是IMF？

董事总经理罗德里戈德·迪拉诺y菲达托认为他有答案。西班牙人决定通过将机构重塑为全球经济的监护人来重申国际货组织的影响 - 这是一个越来越过时和不足的G-7的事实上的继任者。De Rato而不是将金融危机与大规模的救助者打架，而是通过将其对成员国的监测造成升高，使各国在升级之前解决区域问题而完全防止他们。为了推出他的新战略，他常常决定在今天解决这个星球的最大经济挑战：由美国领导的全球贸易和资本流动的大规模失衡，与中国的巨大和日益持续的账户赤字。

In a series of multilateral talks set to begin on the margins of the annual IMF/World Bank meeting in Singapore this month, de Rato and his top aides will gather together senior officials from the U.S., the 12-nation euro zone, China, Japan and Saudi Arabia to search for ways to unwind the imbalances without short-circuiting the world economy or triggering a collapse of the dollar. The broad outlines of a solution have been evident for some time - cutting the federal budget deficit and increasing private savings in the U.S., freeing up the yuan exchange rate in China, stimulating domestic demand in Europe and Japan - but domestic political constraints have prevented any meaningful policy changes. De Rato hopes that the IMF's expertise and political neutrality, combined with rising concern about the sustainability of global imbalances, can succeed in promoting reforms where years of G-7 communiquŽs have failed.

“我们是政府的结晶顾问。我们每年都在经济政策上咨询他们，”De Rato告诉机构投资者。亚博赞助欧冠“这允许在允许坦率交换视图的框架中讨论全局不平衡。”

The IMF boss's aim is laudable, but not a few observers wonder if he's taking on a mission impossible. Although the Fund has a crack team of macroeconomic analysts, it lacks any real influence over major nations' economic policies. Indeed, the IMF has criticized the U.S. budget deficit for years to little avail, and more recently has urged China to adopt a more flexible exchange rate system, with similar results.

“国际货币基金组织仅对借用借款的国家影响，”马来西亚总理阿卜杜拉·艾哈迈德巴达维的经济顾问

“为基金保持有意义，必须进入多边监督，”德国银行副主席和前德国副省长部长的伦敦副主席Caio Koch-Weser说。然而，他补充说，“真正的问题是一些大型球员，主要是美国，将参加那场比赛。”

So far the major players are participating, but - here's the rub - for purposes of their own, conflicting, agendas.

de Rato布什政府支持的itiative largely, it seems, because its own efforts at pressuring Beijing to float the yuan have failed. Timothy Adams, undersecretary of international affairs for the U.S. Treasury, says the IMF needs to return to the core mission it was given 60 years ago: monitoring countries' exchange rate policies to ensure they don't cause balance-of-payments problems. "There are rules, and we have to acknowledge when they're not being followed," Adams says, in a clear reference to China's managed exchange rate.

Chinese officials are also supporting the IMF's multilateral talks, but they contend that the onus is on the U.S. to curb its deficit. "We want to cooperate fully with the Fund and listen to any policy advice for China," says Wang Xiaoyi, a People's Bank of China official who serves as the country's executive director at the IMF. "But we encourage Fund staff to identify which among the five parties should contribute the most to reducing imbalances. Because the U.S. current-account deficit has enlarged in recent years, it basically reflects the domestic fiscal deficit and also the steady decrease in the savings rate."

走进弗雷，德拉戈非常了解他的极限。作为参加欧元区的前西班牙金融部长，他几年前参加了欧元区努力执行预算规则的努力，他首先知道多边政策制定的困难。但是，56岁的律师相信，国际货币基金组织可以发挥有用的作用，他说，他对失衡磋商的筹备与五个缔约方中的每一方都是积极的。

“政府愿意与我们和与他人讨论进行讨论的事实是他们接受的标志是存在一个问题，并且他们有一个部分可以在解决不平衡方面发挥作用，”他说。“我认为这不是一个糟糕的开始。”

国际货币基金组织官员小心地发挥磋商会产生戏剧性结果的前景。They dismiss suggestions that the talks might lead to anything like the 1985 Plaza accord, under which the U.S., its main European allies and Japan agreed to encourage a weaker dollar and to take domestic policy measures aimed at reducing the big U.S. current-account deficit of the time. Instead they hope to start a process of small, mutually reinforcing steps by the parties to the multilateral talks.

John Lipsky表示，不平衡“不必解决，”该月早些时候接受了本月早些时候作为De Rato第一个副董事总经理。但是，他补充说：“这对鞋垫信心朝着正确的方向移动是至关重要的。”

The global economic outlook has changed in ways that could make the major countries more open to coordinated policy action, economists say. Higher interest rates and a weakening housing market in the U.S. are casting doubt on the ability of indebted American consumers to keep the global economy afloat. Worries about an overheated Chinese economy are prompting Beijing to tighten administrative controls on investment and could lead officials to relax their grip on the yuan. Prime Minister Wen Jiabao said in July that Beijing would make more use of its year-old currency regime, which allows the yuan to fluctuate by as much as 0.3 percent a day against the dollar; that month the currency rose through the symbolically important level of 8.00 to the dollar, and it has appreciated by 1.7 percent against the dollar over the past 13 months - a fraction of what Washington wants, but movement all the same. Europe and Japan, meanwhile, are showing signs of more-sustainable growth, which could encourage their policymakers to take a bigger role in rebalancing global demand.

“基金将能够做出事情的唯一时间是当明星对齐时，”哈佛大学经济和公共政策教授和国际货币基金组织的前首席经济学家肯尼斯罗吉夫说。“我们现在有。全世界都希望看到全球失衡的顺​​利解除展望。”

参与De Rato赌博的赌注是巨大的。美国经济账户的赤字 - 商品和服务贸易最广泛的贸易衡量标准 - 每年均超过8000亿美元，占国内生产总值的6.5％。这是十年开始的水平，以及世界储备货币经济的前所未有的人物。外国投资者和亚洲央行到目前为止为差距提供资金，但他们对美国的胃口投资并非无限制。任何远离美元的搬迁可以启动货币翻滚，送美国利率攀登和破坏世界各地的增长和信心。增加贸易保护主义的威胁增加了风险。多哈贸易自由化的虚拟崩溃已经覆盖了全球增长前景，美国参议院对中国进口的关税进行了掩盖了全球增长前景，除非北京浮动人民币可以引发贸易战，如果颁布。

Today's volatile political and economic climate bears an eerie resemblance to the period leading up to the 1987 global stock market crash, when U.S. interest rates were rising and a widening current-account deficit prompted then-Treasury secretary James Baker III to threaten Europe and Japan with a weaker dollar, notes Nouriel Roubini, a professor of economics at New York University's Stern School of Business. Roubini served as an adviser in the Clinton administration and has worked as an economist at the IMF. "The risks that things will get out of hand and trigger a financial meltdown of the scale that was experienced in 1987 are serious," he says.

危险的漂移感令人作注的七个效率的细分，作为管理全球经济的论坛。所谓的Bric经济体 - 巴西，俄罗斯，印度和中国的崛起 - 留下了G-7看起来越来越过时，即使偶尔邀请北京参加。（俄罗斯，虽然G-8政府首脑会议的全部成员，但不参加G-7金融部长和中央银行人的主要会议。）和G-7谈话很少接下来采取行动。本集团于2003年9月在2004年9月在迪拜在迪拜的会议上进行更大的汇率灵活性，2004年2月在佛罗里达州的博卡拉顿举行了未经意思。在他们最近的会议上，在4月份的华盛顿，G-7财政部长和中央银行商专注于全球失衡的危险，并首次挑出中国的需求来调整汇率，但再次，这是所有的话，没有契约。

经过sounding a big warning about imbalances but failing to take any new policy measures, the group's April communiquŽ probably contributed to the shakeout in world markets in May and June, contends Jim O'Neill, chief economist at Goldman Sachs Group in London. "It's the first time they've been so specific, and it's the first time the G-7 have failed since the Plaza accord," he says. "It tells us all there is no agreed structure about how to solve the world's problems. That's definitely part of what's unsettling markets."

G-7的跌势为基金提供了一个独特的机会，在英国银行省长的莫尔··国王（Mervyn King）说，基金在寻找全球经济问题的解决方案方面发挥着核心作用。“国际货币基金组织是唯一可以汇集合适国家的机构，”他说。“这是唯一拥有普遍合法性的机构。”

除了为基金提供新的使命外，De Rato还在寻求大修该组织的治理，以在国际货币基金组织的财政资源中提供更大的配额或股份，以及增加投票权，以快速增长的新兴市场和穷国。需要这些变化，因为中国这样的国家现在代表了全球经济的更大部分，而是在1999年度，当时国际货币基金组织的配额是最后一次调整的。改革要求在亚洲最响亮，许多政府在该地区90年代末期的金融危机期间苛刻的国际货币基金组织的申诉。“在不改革治理的情况下，基金没有题为建议我们。该基金失去了合法性，”韩国执行董事Jong Nam Oh说，他代表了IMF的14个亚太国家。

在新加坡举行的德国举行的努力赢得两阶段配额改革的同意：中国，墨西哥，韩国和土耳其的直接增加，这四个国家最不经历的四个国家，并承诺在两个中修改配额公式多年来，随着世界经济的变化，可以自动进行未来的调整。包装的第一部分应该很容易解决。美国，欧洲和日本表示愿意让他们足够的配额来满足四个国家。

然而，配额的改革，承诺更加有争议，因为它会影响国家的相对权力进入未来。The U.S. wants a new formula based mainly on gross domestic product, which would ensure its status as the Fund's dominant shareholder, whereas Europe wants to retain the weighting that the current formula attaches to trade, which gives small European countries a relatively large share in the Fund. As a result of these disagreements, de Rato is likely to sketch out only vague guidelines for adjusting the formula at the upcoming meeting.

董事总经理将在新加坡拥有其他优先事项。他正在寻求一种新型应急设施的共识，以确保新兴市场突然流出资本的突然流出。他还希望定制组织在低收入国家的工作，以避免与世界银行重叠。但是他计划解决全球失衡，以确定基金对未来的相关性。这份工作是令人生畏的，如果不是不可能的话，但除了差别和他改革的管理团队正面临着活力的挑战和更新的目的感。

面对左右批评的批评，国际货币基金组织一直在努力重新定义20世纪90年代后期的作用。许多评论家认为，基金的资本市场自由化的宣传通过使国家易受投机资本流出的国家促成了亚洲金融危机，并且其对韩国和印度尼西亚等国家的财政紧缩的需求恶化了衰退。在美国国会授权的委员会由卡内基梅隆大学经济学教授艾伦熔融策教授2000年推荐，国际货币基金组织的使命将被缩小为向难以提供支付困难的国家提供短期援助。委员会认为，国际货币基金组织官僚对墨西哥和韩国等主权借款人施加条件的反对，这是通过使用公共资金来保护私人投资者免受损失的道德危害。

The report was rejected by Clinton-era Treasury secretary Lawrence Summers, who said the proposals would gut the IMF and leave it incapable of responding to future crises. Although the Bush administration was sympathetic to Meltzer's views, it saw the Fund as a useful tool for addressing crises and backed big bailouts for Brazil and Turkey. Indeed, Fund lending hit an all-time high of $100 billion in autumn 2003. But dissatisfaction with the IMF - and its image as a tool of U.S. policy - persisted.

最近，如果矛盾的，挑战：对其资源的需求已经干涸，基金面临更加紧迫。2006年第四年，全球经济将增长超过4％ - 自20世纪70年代以来的最佳记录。新兴市场经济领导着，享有大规模的外国投资组合和直接投资流入。当阿根廷和巴西分别在提前的时间表中偿还其国际货币基金组织借书，即可分别偿还了96亿美元和155亿美元的国际货币基金组织借书，这一戏剧性变化。该基金目前只有280亿美元的贷款未偿还。这是自20世纪80年代初以来的最低金额;在20世纪70年代初，贷款贷款以来，贷款处于首次油价冲击以来的最低水平。

当De Rato在2004年6月接任董事总经理时，国际货币基金组织显然是助焊剂。即使是他的选择象征着该基金的动荡：发展中国家，受到欧洲委任的欧洲跨大西洋雕刻的沮丧and the U.S. selected the leader of the World Bank, nominated their own candidate for the Fund, Mohamed El-Erian, a former Pacific Investment Management Co. fund manager who currently oversees Harvard University's $26 billion endowment.

De Rato prevailed thanks to solid European and U.S. support and his own track record in presiding over an economic boom in Spain. During his tenure as Finance minister and deputy prime minister, from 1996 to 2004, the Spanish economy grew by some 25 percent and generated roughly 3 million new jobs. De Rato helped fuel the boom by cutting the budget deficit, ensuring that Spain adopted the euro when it was launched in 1999 and fostering privatization and deregulation. Critics, however, accused him of keeping a heavy hand on the economy. The heads of leading privatized companies, such as Telef—nica and utility Endesa, were known in Madrid's financial circles as "friends of de Rato" for their political allegiance.

De Rato's political success was regarded by many observers in Spain as a restoration of his family's honor. De Rato comes from a wealthy entrepreneurial family in Asturias in northern Spain that had interests in textiles, construction, banking and radio. His father, Ram—n Rato Rodr’guez-San Pedro, and his brother were imprisoned in 1967 for illegally hiding capital in Switzerland; their Banco de Siero was seized by the Banco de Espa–a, the central bank.

DE RATO于1971年获得马德里康德朗州大学的法律学位，其次是1974年的MBA，来自加利福尼亚州伯克利大学。然后他回到西班牙，进入了家庭企业，并在保守政治中积极。他的商业敏锐和当局的空气赢得了20世纪80年代初的反对派alianza热门派对的经济发言人，后来在十年后，他帮助找到了它的继任者，Partido受欢迎。当JosīMar'aAznar于1996年领导了PP胜利时，他命名为该国财政部长德拉戈副总理和经济部长。许多保守派认为DE RATO是AZNAR的可能继承者，但后者在2003年决定将PP的领导到他的内部部长，Mariano Rajoy，并推动了国际货币基金组织邮政的德拉诺。

在De Rato在基金的初期，有些内部人士质疑他对工作的承诺。虽然仍然是一个候选人，他曾描述过“一个不可能做得很好的人”。搬到华盛顿后，他在他的第一年旅行广泛，但保持低调，促使一些欧洲官员想知道他是否正在策划快速回归西班牙政治。在2005年9月与国际货币基金组织的年度会议恰逢国际货币基金组织的年度会议上，美国财政部的亚当斯公开劝告基金 - 并通过推广其老板 - 在未能面对中国的汇率汇率上“睡着了”。

在过去的一年里,然而,de Rato提供了stronger leadership. He focused the Fund's internal effort to redefine its role, publishing a strategy paper in September 2005 that called for an emphasis on stepped-up surveillance of member economies rather than on lending. In the following months he marshaled political support from major nations for giving the Fund a new role as global problem-solver. On the eve of the IMF's April meeting, he focused attention on global imbalances by inviting finance ministers and central bank governors of the G-7 nations and China, as well as private sector economists and fund managers, to a seminar at the Fund. The next day the G-7 and the IMF's agenda-setting International Monetary and Financial Committee endorsed de Rato's strategy.

“我们被他的精力充沛地震惊了，”一位高级欧洲政策制定者说，德拉戈的表现说。“他几乎看起来像个新人。”其他人欢迎国际货币基金组织的新努力，以减少全球失衡。“他大胆地拿走这些东西。他终于展示了领导力，”德意志银行的Koch-Weser说。在托特集团和前基金经济学家的华盛顿经济学家中添加了天使偶联者：“G-7显然已经过时了。De Rato确实基本上杀死了G-7并创造了解决这些问题的变量几何形状国际货币基金组织。”

De Rato加强了该基金的高级management with a handful of shrewd appointments, such as JPMorgan Chase economist Lipsky, tapped to replace the departing Anne Krueger as first deputy managing director. Lipsky's financial markets background should give the Fund sharper insight into the massive private sector capital flows that drive the global economy today, observers say. "He'll get more real-time intelligence on what's happening in markets," says Robert Alan Feldman, an economist at Morgan Stanley in Tokyo and a former Fund staffer who worked under Lipsky at Salomon Brothers in the early '90s.

Lipsky在今天和1974年之间看到了相似之处，当时他首先加入了国际货币基金组织作为经济学家。然后，固定汇率的布雷顿森林系统最近崩溃了，导致许多人质疑已创建的组织的未来，以监督该系统。然而，到20世纪80年代初，该基金将自己转变为解决拉丁美洲债务危机的中央球员。“我有幸在基金历史的关键点之一，”丽杉矶别告诉II。他补充说，国际货币基金组织的目前试图调解全球失衡问题是“潜在的定义时刻”。

丽脂预计将与Jaime Caruana密切合作，是国际货币基金组织加强资本市场的新负责人和金融系统部。国际货币基金组织最大的部门，在评估私人资本流动如何影响发展经济体并提前预警对全球经济的潜在市场风险的提前警告，它有一个关键作用。Caruana先前是西班牙银行的州长和巴塞尔银行监管委员会主席。

相信该基金必须积极参与解释其工作和促进其政策建议，德拉索正在强调沟通。His recently appointed head of external relations, Masood Ahmed, is an IMF and World Bank veteran who played a key role in forging last year's G-7 agreement on debt forgiveness for poor countries as a senior official at the U.K.'s Department for International Development. "Financial crises are not gone forever, but for the next few years, financing isn't going to be the primary role of the Fund," says Ahmed. "The primary role is going to be surveillance."

监视的大部分都将不在发展中国家，国际货币基金组织的传统焦点，但在世界上最大的经济体中。由于将大多数领先的贸易伙伴和中国和其他亚洲国家外包的增长率，美国在美国和其他亚洲国家外包的增长率归因于。布什政府的税收削减国内的当前账户赤字已加剧，这些税收已将政府预算深入到红色，并由国内住房繁荣，其财富效应使消费者能够削减节省并继续狂欢。去年第一次汇集了美国家庭储蓄融入了负领土，而20世纪80年代初期的平均率约为10％。

虽然世界其余的世界Bemoans美国专题，但它已经满足于受益于它。美国消费者需求有助于促进2003年全球复苏，促进了中国出口部门的热源增长，欧洲和日本的抵消抵消了国内需求。更重要的是，中国和其他亚洲国家达到前所未有的美元储备的意愿使得持续的赤字曾经是不可想象的。The U.S. current-account deficit widened to $792 billion, or 6.4 percent of GDP, in 2005, compared with $665 billion a year earlier and just $114 billion in 1995. By comparison, the deficit was $122 billion, or 2.8 percent of GDP, in 1985 when then-Treasury secretary Baker reached the Plaza accord.

“美国，国际货币基金组织首席经济学家Raghuram Rajan说，U.S.无处可行。”Raghuram Rajan说。“但你不能永远运行6 1/2％的当前账户赤字。”

The danger is that a rapid or disorderly reduction of the U.S. deficit could trigger a global recession. Harvard economist Rogoff and Maurice Obstfeld, an economist at Berkeley, estimated in a recent paper that a halving of the U.S. deficit over two years would cause the dollar to decline by 20 to 25 percent on a trade-weighted basis. If the deficit were to fall more rapidly - say through a sharp decline in the U.S. housing market that throttles consumer spending - the dollar could drop by as much as 50 percent, hurting Asian and European economies and raising the risk of a financial crisis. "The rest of the world is not going to have an easy time adjusting to a massive dollar devaluation," the economists wrote.

政策制定者和学者们多年来一直辩论全球失衡，并就如何解决问题而达成广泛的协议：减少预算赤字和增加美国的私募储蓄。从出口导向的增长转移到中国和其他亚洲经济体的国内需求，并允许这些国家的货币升值;并刺激欧洲和日本的国内增长。尽管如此，让政策制定者实施这种改革是极其困难的，而且在其中谎言谎言的挑战是非常困难的。

Consider the IMF's policy recommendations to the U.S. The Fund's latest annual consultation on U.S. economic policies, published in July, advised Washington to make deficit reduction its top priority and suggested measures that included a restoration of pay-as-you-go rules requiring that any tax cuts or spending increases be funded, as well as an energy or value-added tax to raise revenues. But the Congressional Budget Office predicted last month that the federal budget deficit would fall to $260 billion in the fiscal year ending October 31, from $318 billion last year, before rising again, and the Bush administration points to the decline as evidence that its policies are working. It refuses to countenance tax hikes. "The IMF can offer their ideas about policy prescriptions, but sometimes they are divorced from the political realities," says Treasury's Adams.

As for China, the IMF's April World Economic Outlook welcomed Beijing's July 2005 decision to revalue the yuan by 2.1 percent but expressed disappointment about the currency's minimal appreciation since then. Allowing the yuan to rise would help the country shift from export-oriented growth to greater reliance on domestic demand and give authorities more leeway to use monetary policy to contain inflation. The Fund's latest consultation on China, completed this summer but not yet released, steps up calls for movement on the yuan, according to officials who have seen the report. "It shows an IMF which is very focused on China and is saying and doing the right things," says Adams.

Such comments underscore a major risk for the IMF. If the institution is perceived to be doing Washington's bidding by focusing primarily on China's exchange rate, it is less likely to persuade the State Council to take action. Wang, the Chinese IMF director, is blunt on this point. "It's not appropriate to use pressure on China," he says. Exchange rate policy "should be decided by the government itself. International pressure might have a reverse impact on their decisions."

衷心的是，华盛顿希望说服中国和棍棒和棍棒。布什政府支持中国的国际货币基金组织配额和投票权大幅增加，但就北京将使人民币漂浮而言，这一谅解越大。这种立场反映了美国政治现实：政府需要国会批准任何配额改革包，无法在没有汇率的情况下赢得它。“我们应该对中国人说的是，”让你的货币浮动，我们将在国际货币基金组织参议员查尔斯拉德斯（Senator Charles Grassley）赞助一份拒绝国际货币基金组织的法案配额增加到任何有货币未对准的国家。

为了他们的一部分，日本和欧洲似乎渴望避免从国际货币基金组织主导的多边会谈中对其经济的任何负面影响。日本的国际事务副部长Hiroshi Watanabe表示，他担心对人民币的快速升值将使日元升值在20世纪90年代升值的方式削弱了中国经济。他还争辩说，单独的汇率变动不会纠正美国赤字，因为美国公司已经将其生产转移到亚洲的低成本国家。美元贬值“只是侵蚀美国公民的福利，但不帮助美国行业，”他说。

Xavier Musca, the French Treasury director who chairs the European Union's economic and monetary committee and will be one of the euro zone's representatives in the multilateral talks, contends that Europe has only a modest role to play in any IMF-engineered rebalancing of the world economy because its global trade is broadly balanced, notwithstanding a doubling of the EU's surplus with the U.S. over the past five years, to $112 billion in 2005. "Global imbalances are essentially an Asian-American problem," Musca tells II. "Aspirin doesn't cure the flu. We are the aspirin, not the antibiotic."

鉴于那些完全根深蒂固的职位，国际货币基金组织可以真正希望在减少不平衡并抵抗其权威方面取得突破吗？基金官员谨慎乐观。他们指出，他们的努力已经帮助重点关注问题。

“我们一直在为这些讨论做准备的基础，这就是为什么我认为关于需要做的事情的广泛协议，”经济学家Rajan表示，在夏季初步一轮双边磋商中领导国际货币基金组织的员工每个参与者都在失衡谈判。成功证明不会是一个盛大的广场，但是将撒谎在基金是否可以说服国内国内改革的重要性。“参与者之间并不是那么多协调政策，但促进以国家自身利益的政策，”他说。

在华盛顿州的国际经济研究所和前储备委员会的国际金融前负责人的高级研究员，Edwin Truman表示，这一目标远远不可能。中国人民银行和中国财政部的顶级官员意识到汇率灵活性在防止该国经济过热方面比官方试图抑制投资的汇率。布什政府可以拥抱您的付费预算限制，以遏制联邦支出的快速增长。

The IMF will have to make maximum use of its bully pulpit to prod the major countries into action, Truman says. So far it's not clear if de Rato is prepared to be that aggressive. Truman notes that the managing director has declined to push for a consolidation of European seats on the IMF board, which could play a significant part in a long-term reform of the organization's governance. European countries currently hold seven of 24 seats on the board, compared with one each for the U.S., Japan and China. "It's not clear whether he's really prepared to go out on a limb," Truman says of de Rato.

现在，国际货币基金组织的老板散发出一个平静的权威。基金已经通过进入不平衡争议的中间来粘在一起，他决心看到它。“如果我们不仅仅是因为我们会受到批评，我们就会批评这一风险是一个错误的，”德拉戈说。