the amount of resources needed to confront a sudden stop crisis, the evidence seems to show that overall existing effective resources in the GFSN would be sufficient in most plausible scenarios, provided all components can be effectively put to use; in the case of a systemic sudden stop scenario, the IMF’s resources would be called upon to play a key role.9 The last point has implications for the discussion of the Fund’s resources that is to take place in the coming months, specifically concerning extending the 2012 bilateral loans and raising the overall IMF quotas in the context of the XV General Review of Quotas.
Apart from the question which EU countries will be in the core group, participation in EMU implies at any rate that the country involved transfers its monetary policy powers to an independent ECB. In that field, we will continue to see rearguard action, because the tradition of central bank independence is not equally rooted across the whole of Europe.