Wednesday, October 29, 2008

Brown Wants Global Bailout Fund

Gordon Brown has called for a global bailout fund, urged the Gulf states and China to contribute to the IMF, and highlighted the need for an EU fund to rescue floundering East European economies. Of course the Gulf states and China may take a hard look at this proposal, which is somewhat at odds with Sarkozy's first European and then French sovereign wealth fund, the purpose of which is to keep Gulf and Chinese capital out of Europe. The two European leaders' messages, taken together, seem to suggest that while outside capital is welcome, it should be donated free of strings and bring with it no control. Does anyone expect them to accept such terms?

ADDENDUM: Sarkozy has joined Brown in calling on the IMF to provide funds for Eastern Europe. Meanwhile, the IMF has made 25.1 million euros available to Hungary.

2 comments:

Unknown said...

The reason China or mid-east countries have sovereign funds is that they have structural current account surpluses, therefore must export capital.

Sarkozy's or Brown's sovereign funds are clearly nothing comparable. In the former's case, it is the announcement for one news cycle of something that actually existed since Napoleon, ie the caisse des depots (that's what they do, they manage the state's stakes in various companies). In the case of the latter, it is a realization, I think, that capital flows to eastern europe have reversed with a vengeance and that there is no one to save them, especially not China (Putin & successors would surely love to see massive Chinese investments next to Patriots in Warsaw or Kiiev). Well, that's my interpretation.

Anonymous said...

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