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International Monetary Fund. Independent Evaluation Office

Abstract

In 2008, the IEO undertook an evaluation on the IMF governance and concluded that effectiveness had been the strongest aspect of IMF governance, while accountability and voice had been the weakest. Since then, IMF governance has been strengthened aided by quota and voice reforms to address misalignments in shares and chairs as well as numerous improvements in governance procedures and practices. The update finds that IMF governance has proven its effectiveness in supporting the Fund to fulfill its mandates, but concerns remain on voice and accountability. Challenges remain related to representation and voice, interaction between governance bodies, the selection process for management, and the role of the G20 in IMF governance. Addressing these challenges will take time and may be subject to difficult tradeoffs between governance objectives such as preserving effectiveness while ensuring appropriate representation.

International Monetary Fund

Abstract

L'auteur, cadre de haut niveau au FMI pendant 20 ans, s'intéresse d'abord au système des quotes-parts et des votes au sein du FMI et conclut à la nécessité de réformes visant à renforcer l'équité parmi les pays membres. Il aborde ensuite le processus décisionnel au sein du conseil d'administration, en rappelant le principe de décision consensuelle au sein d'une institution favorisant la coopération, et la surveillance politique du système monétaire international par le comité intérimaire et son successeur, le comité monétaire et financier international. Dans ce contexte, l'auteur traite également des incidences des décisions du FMI sur les activités des groupes de pays membres, et des intérêts divergents des principales parties. Il rappelle ensuite les caractéristiques marquantes des crises financières des années 90 et analyse leurs implications pour la gouvernance du FMI. Le document termine sur une évaluation de la gouvernance du FMI.

International Monetary Fund

Abstract

El autor -quien ocupó un alto cargo en el FMI durante dos décadas- en primer lugar centra la atención en el sistema de cuotas y la distribución del poder de voto en el FMI y concluye que se requieren reformas para lograr una mayor equidad entre los países miembros. Seguidamente examina cómo se toman las decisiones en el Directorio Ejecutivo, con énfasis en la formación de consenso en una institución basada en la cooperación, y el historial de supervisión política del sistema monetario internacional a través del Comité Provisional y su sucesor, el Comité Monetario y Financiero Internacional. En ese contexto, el autor también aborda el impacto que tienen en las decisiones que toma el FMI las actividades de los grupos de países miembros, así como los intereses divergentes de los principales accionistas. Posteriormente señala las características distintivas de las crisis financieras de la década de 1990 y examina cómo repercuten en la estructura de gobierno del FMI. El ensayo concluye con una evaluación de la estructura de gobierno del FMI.

International Monetary Fund

Abstract

The author-a top decision maker at the IMF for two decades-first focuses on the system of quotas and voting power in the IMF and concludes that it calls for reforms to enhance equity among the membership. He then examines decision making in the Executive Board, with an emphasis on consensus building in a cooperative institution, and the record of political oversight of the international monetary system through the Interim Committee and its successor, the International Monetary and Financial Committee. In that context, the author also comments on the impact on IMF decision making of the activities of groups of members, and of the differing interests of major shareholders. Thereafter, he recalls the distinctive features of the financial crises of the 1990s and examines their evolving implications for IMF governance. The essay concludes with an appraisal of IMF governance.

International Monetary Fund. External Relations Dept.
Following a series of international donor meetings aimed at helping Afghanistan stabilize and rebuild its economy, the IMF sent a mission to Kabul for four days in late January. The team was led by Paul Chabrier, Director of the IMF’s Middle Eastern Department. He speaks here about the country’s immediate needs and the IMF’s role.
International Monetary Fund. External Relations Dept.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.