Atlantic Community:Global Must Read Article "IMF Needs a New Governance Structure"

IMF Needs a New Governance Structure

The IMF might have prevented the US crisis if it had detected mortgage market vulnerability sooner. ++ Since IMF governance is organized according to the "money for influence" model - most influential members have most leverage - US policies and regulations were not scrutinized or criticized. ++ IMF can only effectively supervise and secure financial stability if power is distributed evenly to its members.

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Sun, Apr 13th 2008, 16:58

Ilyas M. Mohsin, PPP, Platinum Contributor (296)

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The multi-national institutions including the UN were, generally, setup in the aftermath of the Bretton woods conference which heralded the victory of the allies in the 11 world war. No wonder, the US as the leader of the allies following the collapse of the British empire, was in a position to order things about. Some resistance, if any, came from Russia but the rest was worked out on the basis of ‘money for influence’ like it is for IMF.
In the post-9/11 scenario this situation has further got aggravated and dissent has to be qualified with lot of spin. Tony Blair’ antics pleased the US while Chirac’ reservations on Iraq or Schroeder’ questioning produced hostile reaction not only at the state level; it also carried public resentment sown by the neo-cons.
Rationalisation of IMF may be in order but who will bell the cat. One can hope that the next President of the US would be better-informed etc. Then some changes may take place as the economic crunch gets worse for the US.

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IMF Needs a New Governance Structure

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