Policy Paper - Emerging Markets and Developing Economies in the Global Financial Safety Net

Federal Reserve operates dollar swap lines with the following central banks: Reserve Bank of Australia, the Bank of Canada, Danmarks Nationalbank, the Bank of England, the European Central Bank, the Bank of Japan, the Bank of Korea, the Banco de Mexico, the Reserve Bank of New Zealand, Norges Bank, the Monetary Authority of Singapore, Sveriges Riksbank, and the Swiss National Bank. [...] The Federal Reserve also operates foreign-currency liquidity swap lines with the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, and the Swiss National Bank. [...] The Role of the IMF as the Core of the Global Financial Safety Net The IMF provides the broadest and most general layer of defense against shocks, while—as we have discussed—countries differ very much in their ability to resort to first and second lines of defense. [...] The Policy Center for the New South (PCNS) is a Moroccan think tank tasked with the mission of contributing to the improvement of international, economic and social public policies that challenge Morocco and Africa as integral parts of the Global South. [...] The PCNS advocates the concept of an open, responsible and proactive « new South »; a South that defines its own narratives, as well as the mental maps around the Mediterranean and South Atlantic basins, within the framework of an open relationship with the rest of the world.