The Troika--past and future? A view from Washington
The Troika of the European Commission, European Central Bank, and International Monetary Fund, has “bailed out” troubled euro-area members—Greece, Ireland, Portugal, and Cyprus. This ad hoc arrangement announced in 2010 by the Eurogroup attempted to resolve a defect in the euro-area economic architecture—the no bail out provisions. The Treaty for the European Stability Mechanism states that the EC in liaison with the ECB and whenever possible (emphasis added) the IMF shall set and monitor compliance with policy conditionality. Currently, the IMF and the Euro-group do not agree on official debt forgiveness for Greece. What lies ahead for the Troika collectively and individually? Has this arrangement work effectively for Europe? For the rest of the world? Russell Kincaid, a PEFM associate and former senior IMF official, will provide his Washington-based perspectives.
Russell Kincaid, an Academic Visitor at St Antony’s College in 2013-14, is an active contributor to the work of the PEFM programme. Prior to being at St Antony's, he was a Director at the International Monetary Fund (IMF), where his responsibilities were to assess the effectiveness of the risk management, control, and governance processes of the IMF. He also served as the secretariat for the IMF's risk management committee. He joined the IMF in 1976, worked in several area departments, and held senior positions in the Strategy, Policy and Review Department and the Secretary's Department. He has published on issues related to macroeconomic and financial policies, exchange rate assessments, sovereign debt management and restructuring, and the policy implications of trends and innovations in financial markets. He is a member of several professional bodies, a past member of the Editorial Board of IMF Staff Papers, taught at Columbia University, and was a visiting fellow at the DG ECFIN in the European Commission. Mr Kincaid received his BA in economics from UCLA--graduating Summa Cum Laude and Phi Beta Kappa--and obtained a Ph.D. in economics from Columbia University.
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