The Next Phase of IMF Reform
At the meetings of the International Monetary Fund (IMF) and World Bank in Singapore last week, a modest, but important first step was taken to improve the governance structure of the IMF by increasing the shares given to the four most under-represented countries on the IMF's Board of Directors: China, South Korea, Mexico and Turkey. Since quota shares determine votes at the board of the IMF, as well as obligations to pay into and rights to draw on the IMF's resources, this move has been billed by the Fund's Managing Director, Rodrigo de Rato, as a first step towards making the IMF a more representative and legitimate global institution.… Seguir leyendo »