Morning Memo: Deborah Yedlin

The visit by U.K. Prime Minister Gordon Brown to the oil rich Gulf States this week on behalf of the International Monetary Fund is interesting on a number of fronts.

The purpose of the visit was to seek contributions by these countries to the IMF, as part of a broader strategy to arguably turn the organization into the world's banker.

The question is whether the countries visited - the United Arab Emirates, Saudi Arabia or Qatar - will play. And if they do, what promises do they want in exchange for the money.

Much ink has been spilled on the fact that the Gulf States are flush with cash because of the huge transfer of wealth thanks to consumer demand for oil in the west - and the developing countries of China and India.  While consumption has also been rising in the Middle East, the fact gasoline prices are heavily subsidized by the various governments means these consumers have not contributed to the swelling coffers.

The argument can be easily made that it's time the Gulf States become part of the world economic order. As the financial crisis spread around the globe, it is crystal clear - if it wasn't before - that world economies are inextricably-linked, and solutions to current financial issues will require the input of key participants.

And as the key suppliers of oil to the rest of the world, the Gulf States must be included. Moreover, as beneficiaries of soaring crude prices paid to the region by the rest of the world, it's time for these countries to realize that there is no 'free lunch,' and they can't just stand on the sidelines, take the cash and be absent in the world order.

The challenge is twofold. First is that the western world has to be ready to accept the voice that comes with an IMF contribution.   

Second, and perhaps more important, is whether there would be an understanding on the part of the Gulf States to play by the rules established through the evolution of the global markets over the last 150 years.

For those skeptical of Prime Minister Brown's initiative and what it might 'cost' in broader terms, it is important to note that if there is any interest by the West in having an influence on other aspects in the Gulf region, bringing the member countries into the IMF is a constructive way to start the process.  Prime Minister Brown's visit suggests the IMF is ready for the challenge. The question is whether the Gulf States are.