This issue of Diplomaatia deals with the topic of economic crises.
Head of the International and Public Relations Department of the Bank of Estonia Tanel Ross analyses the performance of international financial organisations and the International Monetary Fund in particular. He examines its role as a regulator of the economy and describes how it has changed through time. “We could ask the following question: why should the IMF be responsible for crisis prevention and management all over the world? The answer is simple: the IMF boasts a membership of practically all the countries in the world and it has acquired a unique know-how over the years,” writes Ross. “Therefore, the decisions and recommendations of the IMF are more binding for all the countries than the opinions of the G8 that represents only superpowers.”