Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn argues that the International Monetary Fund (IMF) deserves credit for effectively responding to the global and European financial crises. However, the institution will face different and potentially more difficult challenges in the next five years as it struggles to come to terms with a changing international power order and lending rules that are not well suited to address future crises.

Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn argues that while new collective action clauses are a step forward in dealing with sovereign debt crises, countries must work to change old debt that lacks the clauses to the new standard as quickly as possible.