New IMF research has shown the positive impact of trade unions have on reducing income inequality, however, the Fund's own European austerity programmes indicate that the IMF ignores its own evidence.
The Bretton Woods Project review of the most important developments at the World Bank and IMF in 2013.
IFIs are renewing their focus on Central and Eastern European states. This comes amidst fears that growth in the region needs to be rekindled. The World Bank has promised more funding for countries at risk of instability. However, IMF loans being negotiated with Romania and Hungary have met with controversy.
The IMF has scaled back its percentage stake in the Greek loan package but remains assertive in the eurozone, calling for more austerity raising questions over whether periphery nations will play along.
While Hungary has booted out the IMF, Greece is still toeing the line of IMF austerity demands. The IMF has softened its rhetoric in some places, notably on unemployment, but critics worry that many staff are still pushing fiscal retrenchment that may damage growth prospects.
The IMF's loans across Europe, from Iceland to Romania are stoking deep controversy and protest. Resistance is building from civil society aganist the austerity benig imposed.
The IMF has approved Romania's precautionary stand-by agreement, but critics have questioned the pervasiveness of structural conditionality in the IMF's advice.
Minutes from Oxfam-hosted civil society seminar at 2013 Annual meetings on European austerity and inequality
On October 10th, the International Finance Corporation (IFC), the World Bank’s private lending arm, announced that it would not financially support the controversial Rosia Montana gold mine project in Romania’s Apuseni mountains.