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2. IMF Lending Practices and Sovereign Debt Restructuring
- Author:
- Domenico Lombardi, James M. Boughton, and Skylar Brooks
- Publication Date:
- 06-2014
- Content Type:
- Policy Brief
- Institution:
- Centre for International Governance Innovation
- Abstract:
- The IMF has struggled for decades to develop a set of lending practices that enable sovereign borrowers to resolve serious debt problems and restore economic growth, but also respect the right of private financial markets to enter into and enforce contractual obligations. The challenge has always been to operate under a well-defined set of principles while dealing with each situation in a way that takes account of relevant circumstances. Recently, the international financial crisis that began in 2008 and the subsequent European sovereign debt crisis have raised this challenge to new heights. In providing €30 billion to Greece — the largest financial package ever granted to a single country — the IMF invoked greater discretion in its lending decisions to counteract potential "systemic" crises. By doing so, it entered a program without a restructuring agreement.
- Topic:
- Debt, Economics, International Trade and Finance, International Monetary Fund, and Reform
3. The Politics of the "Unfinished Business": Bosnian Police Reform
- Author:
- Dejan Guzina and Branka Marijan
- Publication Date:
- 06-2014
- Content Type:
- Policy Brief
- Institution:
- Centre for International Governance Innovation
- Abstract:
- The recent protests in Bosnia-Herzegovina (henceforth, Bosnia) have once more shown the extent of the remaining challenges in the country. However, while many commentators have examined the political, economic and social roots of the protests, less attention has been paid to the role of the police in these events. Police confusion, their inability to respond to the street protests in a timely and professional manner, and allegations of the use of excessive force against protestors represent clear evidence that the stalled police reform in the country needs to be re-examined. After almost two decades of international assistance, first by the United Nations (UN) and later the European Union (EU), police reform in Bosnia remains incomplete. Since the 2012 closing of the EU police mission (EUPM) in Bosnia, the issue of police reform has been put on hold. Bosnia's multiple police services remain fragmented and lack transparency. More importantly, the lack of harmonization, coordination and civic oversight leads to political interference in policing.
- Topic:
- Civil Society, Human Rights, Law Enforcement, and Reform
- Political Geography:
- Europe, Bosnia, Herzegovina, and United Nations
4. Central Bank Independence in North Africa
- Author:
- Bessma Momani and Samantha St. Amand
- Publication Date:
- 03-2014
- Content Type:
- Policy Brief
- Institution:
- Centre for International Governance Innovation
- Abstract:
- Securing CBI has become best practice in global governance. Both the political and economic literatures suggest that CBI facilitates price stability, promotes transparency to citizens and provides accountability toward the public good. CBI is also credited with protecting the economic and financial system from the trappings of regulatory capture. In addition, a number of scholars have argued that CBI is correlated with positive policy outcomes, including balanced long- term economic growth, stable financial markets and a reduced likelihood of publicly funded financial institution bailouts. Moreover, some have suggested that CBI is important for fostering a healthy liberal democracy. As global markets have become increasingly integrated and interdependent, securing CBI is also considered a domestic, regional and global public good.
- Topic:
- Development, Economics, Globalization, Monetary Policy, Governance, and Reform
- Political Geography:
- Africa and North Africa