Communication Flows in International Economic Law
Without a doubt the summer of 2015 has been dominated by the Greek debt crisis along with the spectacle of illegal immigrants trying to enter Europe from Africa. The Greek nation at the heart of European civilisation, transformed the European monetary union into a quagmire threatening Greek’s very existence. And in the case of the hundreds of illegal immigrants risking their lives in the hands of people smugglers in Africa to enter into Europe to share in the successes of Europe or shake its socio-economic and political foundations? Both phenomena do not shed a good light on the Bretton Woods institutions. In the case of the Greek crisis the IMF’s role is engineering the Greek nation out of its debt crisis has not been impressive. Certainly its demand focussed austerity programme has been under strain. In the case of Africa the desperate flight of Africans into Europe is surely also a measure of the failure of the World Bank, and to some extent also the IMF, in bringing development into this region.
Asif H Qureshi