The Obama administration will seek to include legislation increasing International Monetary Fund resources in an aid package the U.S. is preparing for Ukraine, according to a Treasury Department official.
When James Tobin joined President John F. Kennedy’s administration in 1961, the U.S. economy was struggling to recover from its third recession in seven years. As a member of Kennedy’s Council of Economic Advisers, the Yale University professor put his theoretical research on asset markets to work in fashioning a novel strategy -- nicknamed Operation Twist -- to reduce long-term interest rates.
Stanley Fischer, said to be the leading candidate for the No. 2 job at the Federal Reserve, offers crisis-fighting experience and a dose of skepticism about efforts to shape expectations on the outlook for interest rates.
French Finance Minister Christine Lagarde is cementing her status as the front-runner to head the International Monetary Fund , arousing concerns among emerging- market nations about a rush to judgment in filling the job.
Europe’s debt crisis could be contained by using the European Central Bank to make up to 5 trillion euros ($6.7 trillion) available through a euro-area rescue fund, according to a “strategy game” conducted by about 50 experts and former government officials.