International Monetary Fund (IMF)
The International Monetary Fund (IMF) works to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.
It is a specialised agency of the United Nations with its own charter, governing structure and finances.
Roles and responsibilities
Among its various roles and responsibilities, the IMF ensures the stability of the international monetary system and monitors the financial and economic policies of its members.
Furthermore, the IMF keeps track of economic developments on a national, regional and global basis. To do so, it consults regularly with member countries and provides them with macroeconomic and financial policy advice.
Another role of the IMF is to provide loans to countries that have difficulty meeting their international payments and cannot otherwise secure sufficient financing on affordable terms.
This financial assistance is designed to help countries restore macroeconomic stability by rebuilding their international reserves, stabilising their currencies, and paying for imports. These factors are all necessary conditions for relaunching growth.
International Monetary Fund and the euro area
The IMF provides economic analysis of each euro area country and the euro area as a whole and gives them policy advice under the annual 'Article IV consultations'.
Together with the European Commission and European Central Bank, the IMF is part of the so-called Troika.
The Troika outlines the conditions underpinning financial assistance to euro area member states and monitors its implementation. In most cases, a coherent global economic adjustment programme is concluded with the full involvement of the IMF, including a substantial contribution to the financial assistance provided.