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Studies of IMF Governance: A Compendium
International Monetary Fund (IMF), July 2009, Pages: 378
The ongoing financial crisis has highlighted the importance of global institutions in addressing the main challenges facing a highly integrated world economy. The International Monetary Fund (IMF) is once again being called upon to help manage the current crisis and to bolster its surveillance activities to help prevent future crises. At the same time, there is an almost universal consensus that for the IMF to be effective, it will have to regain legitimacy by strengthening its governance, including by establishing better accountability frameworks and enhancing representation and voice of its members. These are some of the issues addressed in this volume.
The papers in this volume draw on background work done in preparation for the study Governance of the IMF: An Evaluation, Independent Evaluation Office, International Monetary Fund, May 28, 2008. This compilation presents in one collection the most recent work to date on the subject of governance of the IMF and contributes to the ongoing dialogue on how best to strengthen the governance of this important global institution. Good governance can contribute to the IMF’s legitimacy by ensuring appropriate voice and representation for the membership, by allowing the Fund to fulfill its mandates effectively and efficiently, and by facilitating accountability for relevant stakeholders.
Three main conclusions follow from the studies in this volume. First, to strengthen its legitimacy and effectiveness, the Fund needs greater, higher level and more transparent involvement of member country authorities in its governance. Second, the Board needs to play a stronger role in strategy development and oversight, which requires a shift away from the day-to-day business of the organization. Finally, there are significant accountability gaps that need to be addressed if the IMF is to remain effective and regain legitimacy.
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