When we wrote a few years ago, on the basis of Wikileaks transcripts, that the Greek government understood ” that there had been a symptomatic attempt by the IMF to make Athens sing, threatening it with a possible total blockade Of the credit to oblige him to yield on the decline in pensions that the Greek government refused to approve ,
The article had immediately circled the world. While it is still unproven that the IMF has made such implicit threats, the surprising thing is that so many people are surprised that the IMF can soften at this point, even considering its own Standards “, and can use a country of 11 million inhabitants as a research object on which … it can conduct its political experiments. Why so much astonishment?
Here is the transcript of an interview given in 2012 by Christine Lagarde at the Wharton School of the University of Pennsylvania, where we hear the IMF president admit that the International Monetary Fund thrives in times when the world “goes wrong” And to consider the IMF’s actions as sustainable, this fund had to be very close to its core clientele. ”
She added that ” when the world is going well and there are years of growth ” as happened in 2006-2007 , those years are tough for the IMF, ” financially, but not only. ”
It goes without saying that the only prerogative of Christine Lagarde, as Managing Director of the International Monetary Fund, is to ensure that ” the IMF is doing well .”
The interview concludes with these words: ” We must be able to invent and reinvent ourselves in many ways. And it turns out that one of these ways of “reinventing” itself in front of “a customer” was recorded by video. Here is the most interesting part:
Knowledge @ Wharton: Among the many things you do, what do you most passionate about? What would you really want to see happen? It can also be a small thing, not necessarily something important. What really animates your heart?
Ch. Lagarde: It’s quite complicated. I think it’s an important thing … that’s my first concern. You see, this institution is truly fascinating because it is completely against the tide: “When the world that revolves around the IMF is going badly, we are doing well. It is in these times that we begin to become particularly active, because we lend money and we earn on interest and all other charges, and this is where our institution prospers, that it is doing well .
Conversely, when things are going well in the world, and there are years of growth like this happened in the years 2006-2007, things are not so good for the IMF, and not only From a financial point of view.
This institution is a fascinating blend of almost all the countries of the world, and it must – in order to continue – aim to transcend all the particular national policies and strategies and be extremely adaptive (“agile”), always staying in touch Of the acceding countries, the basis of its clientele, if we may call it that. And as I explained about switching from bilateral surveillance to multilateral surveillance, and from a narrow vision to a broader one, that is exactly what is at stake here. “