Reforming the International Monetary Fund - Why its Legitimacy is at Stake

Hector R. Torres

Journal of International Economic Law, 2007, vol. 10, issue 3, 443-460

Abstract: The International Monetary Fund was designed to promote international monetary cooperation and foreign exchange stability, so as to facilitate international trade, high levels of employment and real income, and the development of the productive resources of all its members. However, the Fund's capacity to influence its key members' policies through its advice, and to give confidence to potential borrowers by offering opportune and meaningful financial assistance in case of trouble, has been seriously put into question. Its governance structure is inconsistent with its multilateral nature and is dysfunctional to its purposes. There is also an ideological bias in its policy advice that prevents the Fund from being responsive to citizens' concerns and challenges posed by globalization. The ongoing reform process is tinkering on the margins and if not redressed will fail to bring additional credibility and effectiveness to the Fund. , Oxford University Press.

Date: 2007
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