An Agenda for Reform of the International Monetory Fund (IMF)

The International Monatory fund is facing an uncertain future. Notewithstanding the important contributions it has made in helping the global economy deal with major economic and financial changes and crisis over the past 25 years, its role is now questioned. The responsibilities on which it is said to be fall short include the monitoring of the force of its policy advice regarding global imbalances, its lack of influence over the policies of the larger industrial countries, an insufficient involvement in global financial sector issues and the lack of involvement in global financial issues. There is a need for a comprehensive vision of the role to be played by the IMF in the emerging global economic and financial system. The world needs an effective IMF and that effectiveness will be secured only with a major effort to bring about the kind of reforms outlined in this paper. [FES]