publication . Article . 2007

Renewing the International Monetary Fund: A Review of the Issues

Danielle Lecavalier; Eric Santor;
Open Access
  • Published: 01 Jan 2007 Journal: Bank of Canada Review, volume 2,007, issue Spring, pages 3-13
Abstract
Given the rapid and ongoing integration of the global economy, the International Monetary Fund needs to renew its role, governance structure, and functions if it is to maintain its relevance as the institution charged with promoting global financial stability. Lecavalier and Santor examine the areas of possible reform, including quota, voice, and representation; internal governance; surveillance; lending instruments; finances; and the Fund's role in low-income countries. They also review current Bank of Canada research that supports these reform efforts, including an integrated framework for IMF surveillance recently developed at the Bank.

1. These efforts are not new: the Bank has been involved in IMF reform for many years (Lafrance and Powell 1996; Powell 2001; Haldane and Kruger 2001-2002).

2. See Van Houtven (2002) for detailed information on the IEO and IMFC.

Lafrance, R. and J. Powell. 1996. “Canada and International Financial Institutions.” Bank of Canada Review (Autumn): 37-61.

Lomax, R. 2006. “International Monetary StabilityCan the IMF Make a Difference?” Gam Gilbert de Botton Award Lecture, London, England, 1 November.

Lombardi, D. and N. Woods. 2007. “The Political Economy of IMF Surveillance.” Centre for International Governance Innovation Working Paper No. 17.

Macklem, T. 2006. “Renewing the IMF: Some Lessons from Modern Central Banking.” Speech to the Global Interdependence Center, Philadelphia, Pennsylvania, 9 March.

Malan, P., M. Callaghan, C. Koch-Weser, W. McDonough, S.M. Indrawati, and N. Okonjo-Iweala. 2007. “Report of the External Review Committee on Bank-Fund Collaboration.” February.

Powell, J. 2001. “Reforming the International Financial System.” Bank of Canada Review (Spring): 7-18.

Santor, E. 2006. “Governance and the IMF: Does the Fund Follow Corporate Best Practice? Bank of Canada Working Paper No. 2006-32.

Van Houtven, L. 2002. “Governance of the IMF: Decision Making, Institutional Oversight, Transparency, and Accountability.” IMF Pamphlet Series No. 53 (August).

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