Desmond Lachman joined AEI after serving as a managing director and chief emerging market economic strategist at Salomon Smith Barney. He previously served as deputy director in the International Monetary Fund's (IMF) Policy Development and Review Department and was active in staff formulation of IMF policies. Mr. Lachman has written extensively on the global economic crisis, the U.S. housing market bust, the U.S. dollar, and the strains in the euro area. At AEI, Mr. Lachman is focused on the global macroeconomy, global currency issues, and the multilateral lending agencies.
Adjunct Professor, Georgetown University, 2010
Adjunct Professor, Johns Hopkins University, 2009
Managing Director and Chief Emerging Market Economic Strategist, Salomon Smith Barney, 1996-2003
Deputy Director, Policy Development and Review Department, International Monetary Fund, 1994-96
Senior Adviser, European Department, 1990-94; Division Chief, Western Hemisphere Department, 1984-90, International Monetary Fund
Considering Ukraine’s very poor IMF record and the social and economic pain that will be associated with the required degree of adjustment, it is fanciful to think that the IMF can conclude a large-scale multiyear lending programme for Ukraine before an inclusive and credible government is in place.
Janet Yellen assures us that the global economy does not pose a meaningful threat to the U.S. economic recovery. She does so in seeming disregard of a currency crisis that has now engulfed a number of major emerging market economies as well as of clear signs of slowing in China.
Since in principle the OMT programme allows the ECB to buy unlimited amounts of a member country’s government debt in the secondary market with a maturity of up to three years, it effectively allows the ECB to determine interest rates in the secondary market.
Martin Wolf joins the Davos and IMF consensus in believing that the world economic outlook has brightened as the advanced economies at last seem to be taking off. He does so by seemingly downplaying the risks associated with the normalisation of monetary policy in the advanced countries.
A growing chorus of senior European policymakers, including ECB President Mario Draghi and European Commission President Jose Barroso, keep reassuring us that the worst phase of the Euro crisis is over.