I am sure that economists and policymakers will have opportunities to review and evaluate the performance of the IMF during this period. It might be appropriate to define more clearly the functional roles played by the IMF and other international financial institutions in order to improve the efficient use of scarce international resources.
At the present time, however, the IMF is a critical participant in maintaining international financial stability. The Need for Credible Economic and Financial Policies A second lesson of history and recent experience is that policymakers must follow sound and credible macroeconomic, microeconomic and financial policies. In particular, a necessary condition is fiscal and monetary policies that are, and are perceived to be, responsible.