If anyone’s done well out of the G20, it’s the IMF.
The International Monetary Fund is to get $750 billion in extra funding with which to reinvigorate the world economy and help nations struggling under the weight of the crisis. It will also be able to create another $250bn in special drawing rights, a form of international quantitative easing via an overdraft facility for its members.
The IMF will also play a key role in ensuring global financial stability. Alongside the Financial Stability Board (FSB), it’s expected to –
provide early warning of macroeconomic and financial risks and the actions needed to address them; to reshape our regulatory systems so that our authorities are able to identify and take account of macro-prudential risks; to extend regulation and oversight to all systemically important financial institutions, instruments and markets.
All of this is likely to create jobs. Last time we asked, the IMF said it planned to hire as many as 180 people this year, with particular emphasis on building expertise in financial sector surveillance, and “surveillance of macro economic and financial sector linkages.” It may now need to hire a few more.
A quick look at the IMF’s recruitment website suggests jobs there have yet to materialize. It’s only advertising for 13 positions, including several senior economists and a facilities manager.
Results to our recent survey (the rest of which we will provide in full shortly) revealed a degree of enthusiasm for working for public sector bodies: 53% of you said you’d be willing to work for the FSA. An even higher proportion may now be willing to contemplate working for what, together with the FSB, is the closest thing we have to international regulator.