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The bubbling emerging market crisis and what the world should do about it
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A silent wave of financial stress is running through world financial markets. The proximate cause of the crisis is the combination of COVID-debt and a jump in the US dollar. Fighting the dollar’s appreciation with higher interest rates on debt will push the world into crisis and recession. To forestall the worst, the IMF Board must immediately: – increase access to its unconditional rapid financing facilities; – increase access to its unconditional rapid financing facilities; – temporarily suspend interest rate surcharges; – fulfil their commitment to rechannel to developing countries at least $100bn of its recently issued special drawing rights (SDRs) that give holders automatic access to liquidity; and – agree to a new $650bn SDR allocation. Delay will spread social and economic collapse that will reverberate worldwide. Let us not be quick to save banks but slow to save countries.
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