THE Archbishop of Canterbury has expressed concern about the
International Monetary Fund (IMF) and other intergovernmental
organisations, warning that "power has to be constrained", given
In an interview with Financial Management
magazine, published next month and trailed in The
Observer on Sunday, Archbishop Welby was asked whether
institutions such as the IMF had a part to play in creating a more
"That assumes they know the answers to what is a more ethical,
sustainable, global economy," he said. "There is very little
evidence of that being the case."
They were, he conceded, "a part of the answer... but the history
of central planning and government wisdom says that they need to be
only a part, not the [whole] answer. The fallibility of human
beings and thus of human institutions is a necessary part of
understanding any governance structure and any centre of power.
Power has to be constrained."
Archbishop Welby, who wrote a dissertation at theological
college, "Can Companies Sin?", warned that "the problem is when
global markets cease to serve the common good and become an end in
Christian charities have spoken out against the IMF and the
World Bank in recent years. The Jubilee Debt Campaign has argued
that "IMF-imposed austerity" has failed to reduce the debts of
developing countries, while "increasing poverty dramatically in
Europe" (News, 11 October).