Serbia in the EU? The scenario sounds feasible: the foundations of the EU-Serbia relationship were laid back in 1997 with the Regional Approach (when the EU Council of Ministers established political and economic conditionality for the development of bilateral relations), and now the European Council has officially granted Serbia the status of candidate country (March 2012). However, since the national elections in May, the IMF and the World Bank have been extremely critical over the new government’s move to increase parliamentary control over the National Bank of Serbia (NBS).
Posts Tagged ‘ IMF ’
The Hungarian government of Viktor Orbán has been repeatedly criticised for taking the country down the road of authoritarianism. After its grab on the Hungarian National Bank, the EU and the IMF have finally decided to prevent a further deterioration of democratic standards. The decision comes late, but is right, because Hungary is starting to resemble Russia more than any country in the EU.
The arrest of IMF chief Dominique Strauss-Kahn, is likely to fuel demands from the developing world regarding the presidency of the IMF. After the alleged attempted rape of a maid in a New York hotel, it became clear that the presidency of Strauss-Kahn came to an immediate end. Even an acquittal would not safe him from public uproar and condemnation. The immediate call for democratization within the IMF creates new perspectives on the functioning of the institution and its European-American dominance.
Greece, Ireland, now Portugal. The eurozone crisis continues and worries persist that the bail-out packages provided by the EU and the IMF won’t solve the problems of the peripheral eurozone countries. Can privatisation programmes and cuts in social spending really save those crumbling economies? I would not bet on it and prepare for the worst.
Sometimes facts truly speak for themselves. The European financial crisis is far from over, Greece is in an extremely tight situation and the leadership of the IMF is in turmoil. The fact is: Europe is in trouble.