It's the imbalances, stupid

Rachel Lomax, a deputy governor of the Bank of England, dismissed suggestions that the International Monetary Fund had outlived its usefulness in a speech in London on Wednesday 1 November.

Although she acknowledged that the Fund needs to carve out a new focus on "multilateral surveillance" if it wants to remain relevant, but said there were two reasons why the Fund "still had a central role to play." First, she suggested, there remained a need for a "provider of internationally consistent

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