U.S. Controlled IMF To Be Everybody's Central Bank?

The International Monetary Fund pitched its case Friday for becoming a global central bank, a function that would require a hefty capital injection but could help even out imbalanced and unsustainable growth patterns.

Dominique Strauss-Kahn, the IMF's managing director, said the organization has been given a "new mandate" to serve as global lender of last resort and signaled that pledges of international cooperation made last month by global leaders in Pittsburgh could be amplified.

"I believe we can achieve even more," he said at a speech in Istanbul, where the IMF is holding its annual meeting.


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