With the news of the Fannie and Freddie bailout still unfolding, former finance ministers from around the world met last week to discuss global economic stability. Some of them had a polite suggestion for the U.S., namely that a little international advice might have helped stave off the crisis.
The ministers met at the University of Virginia, beneath the grand dome where Thomas Jefferson once kept his library. They were cordial, but also frank. Maybe the U.S. should get a financial checkup, they suggested, from the International Monetary Fund.
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In practical terms, it's not a big deal. But symbolically, what Sinha is suggesting would carry a lot of weight. Sinha says the U.S. has a history of giving advice to other countries about how to run their economies. It hasn't always been so good about listening. But he thinks it needs to get better.
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The U.S. Treasury says America has now agreed to get a stability assessment from the IMF. The announcement didn't get much attention, but officials at the IMF expect to start examining U.S. finances in the next couple months.
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