Reform the reformers?
For years, the countries that fund and run the IMF (the group of 8?) have been pushing for change and reform in the economies and politics of nations in crisis (the old Third World?). Now, the IMF is being reformed. Or is it?Nations Cast Plan for Expanded IMF
The push to reinvent the International Monetary Fund took a significant step forward... with nations agreeing to a rough timetable to come up with plans to reform its governance and expand its role in the global economy.
The agreements... come as the mission of the 65-year-old Washington-based institution is re-examined in the wake of the global financial crisis. The fund's 186 member nations agreed to draft a new and broader mandate for the fund... The nations also preliminarily agreed to reshape the fund's voting structure, promising a blueprint for giving more clout to emerging giants like Brazil and China by January 2011...
Founded in the wake of World War II, the IMF has served as a lender of last resort to countries in financial crisis -- most often developing nations -- through rescue packages that often came with strict demands for fiscal restraint and free-market reforms. The United States, Europe and Japan -- the major contributors to the IMF -- have held the most sway over those decisions, including which countries received money, how much and with what kind of strings attached...
Yet many nations, including the United States, remain cautious of vesting too much power with the fund, and few in Istanbul this week were talking about granting it any powers to enforce its decisions...
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Labels: change, concepts, economics, International Organizations
posted by Ken Wedding @ 6:06 AM
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