Jeffrey Franks’ return to Washington State University this week to receive the Alumni Achievement Award was a homecoming for the Pullman native whose career has spanned more than 70 countries and placed him at the center of major international economic decisions.
Franks grew up in Pullman and graduated from WSU in 1984 with degrees in economics and political science. He went on to spend three decades at the International Monetary Fund, eventually serving as director of the IMF’s European Office and senior resident representative to the European Union.
During his visit, Franks accepted the award, taught several Honors classes and met with students to share lessons from his time working on economic policy and financial crises around the world.
After graduating from WSU, Franks earned master’s degrees from Princeton University and the University of Oxford before completing a PhD in economics at Harvard University. Over the course of his IMF career, he worked on major economic challenges across Europe, Latin America, and Asia.
Franks’ career has spanned more than 70 countries, working on major economic challenges across Europe, Latin America, and Asia.
Now retired from the IMF, Franks teaches international economics and finance at Georgetown University.
Among the moments he looks back on most proudly is helping guide Romania through the global financial crisis in the late 2000s.
“The crisis was sudden and deep,” Franks said. “When we started, GDP was falling sharply, the budget deficit was out of control, and the country was close to a financial crisis.”
Working with colleagues from the IMF, the European Union, and the World Bank, Franks helped negotiate and implement a €20 billion rescue and reform package that helped stabilize the country’s economy.
After decades spent traveling the world and advising governments, Franks has come full circle by returning to the classroom. At Georgetown, he teaches students not only economic theory but also the realities of international policymaking.
“I get to teach my students not just the theory but also share my experiences in the trenches of economic policymaking around the world,” he said.
Franks credits his time in the WSU Honors program with preparing him for graduate study and his later career.
“When I got to Princeton, I was initially intimidated by classmates from Ivy League schools and places like Stanford and Berkeley,” he said. “But after the first set of midterms, I realized I was well prepared and able to compete.”
Despite years spent working across the globe, Franks says returning to Pullman still feels special.
“Coming over that hill on the Colfax highway and seeing the university with Moscow Mountain in the distance is always special,” he said. “I’m deeply grateful for the recognition and for all that WSU means to me and my family. Go Cougs.”
