He suggests that, by analogy, there is an argument for an international lender of last resort, but muses whether the IMF or any other candidate has the capacity to carry out such a role, or the ability to contain the moral hazard that results.
This is a matter of considerable contemporary debate, and I thought some reflection on this may also be of interest here in Kolkata. There is a debate not only in India but all over the globe about the pros and cons of “globalisation”.