But IMF official Marek Belka says Europe also must clean up its banking system.
VOA: standard.2009.04.24
Under the program launched in March, governments with sound economic policies can secure an immediate IMF loan in case of a threat to their financial system.
VOA: standard.2009.04.22
The Chastening: Inside the Crisis that Rocked the Global Financial System and Humbled the IMF.
From now on it will take a lead role in co-ordinating and monitoring tougher financial regulations and serve (along with the IMF) as an early-warning system for emerging risks.
As such, those who believe the IMF must look beyond Europe after the DSK scandal have a valid point, as they do when they argue that a managing director from an emerging nation will have a most salutary impact by underscoring the message the IMF sent in 2008 when it reformed its system of quota shares to better represent smaller countries.