IMF more powerful than EU countries

The I.M.F. has more say over crisis management than many euro zone members, and Christine Lagarde, the managing director, has become a quasi head of state, whose views carry more weight than those of many elected leaders. http://www.nytimes.com/2013/04/18/business/global/euro-zone-crisis-has-increased-imfs-power.html?ref=world More than half of the I.M.F.’s lending goes to the euro zone. Poorer nations that contribute to the I.M.F.’s financing have grumbled about having to prop up rich Europe. Leaders and citizens of countries like Greece, Portugal and Ireland have complained bitterly about the terms that the I.M.F., as part of the so-called troika of technocrats along with the European Central Bank and the European Commission, has imposed in return for loans. In addition to budget cuts and tax increases, governments have been pressured to roll back rules that protect some workers from dismissal and impose other unpopular changes.When the I.M.F. lends to troubled developing countries it is typically the largest creditor with a dominant role in decision making.

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