Nothing like a global financial crisis to make the IMF relevant again.

In all seriousness, though, after the 1997 East Asian financial crisis it seemed that the IMF was in danger of irrelevance. Very few countries were willing to accept the conditions required by the IMF for loans. But with the world only a few steps back from the brink, that appears to be changing. And with the outcome of the Ukraine-IMF negotiations pending, we may soon get a sense of how much the IMF is willing to require in exchange for cash infusions.