Bretton Woods Non-Commission

 

Posts Tagged: Governance Reform

 

IMF Governance Reform Committee Report Leaves Much to the Imagination

April 6, 2009

Posted by in Double Majorities at the World Bank and IMF—for Legitimacy and Effectiveness, Governance of the Bretton Woods Sisters: Making Progress on the Agenda, Uncategorized Tags: , , , ,

Suddenly the IMF is very much in the news. The G-20 Summit agreed last week to large increases in resources to enable the Fund to respond to the global crisis. And the week before the IMF Board approved radical changes in access, pricing and conditionality for IMF borrowers, making IMF loans and insurance (precautionary loans immensely more attractive for countries like Brazil and Mexico. Already Mexico has come forward to request access to the new Flexible Credit Line. The new lending rules show that the IMF bureaucracy is finally beginning to respond effectively to reality of responsible macro management in many emerging market economies. Read More…

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Why a Bretton Woods Non-Commission?

March 12, 2009

Posted by in Remarks from the Chair Tags: , , , , , , , ,

I am pleased to announce the launch of the CGD’s Bretton Woods Non-Commission on Governance Reform of the IMF and the World Bank.  The possibility and the options for deep reform of these institutions are greater today than ever. Ironically, this is thanks to the oncoming global economic crisis, which has exposed the limits of their financing, legitimacy and relevance in the 21st century interconnected global economy.

The IMF and the World Bank have both announced new commissions to offer recommendations on how they can reform their embarrassingly outmoded mid-twentieth century governance. Both are led by experienced and capable individuals, the IMF commission by Trevor Manuel and the World Bank commission by Ernesto Zedillo.

The task of our Non-Commission is to help invigorate this process by providing fresh and perhaps even revolutionary ideas for changing how these important institutions are run—specifically who decides what they do and how they do it. Our Non-Commission will not meet; and our ideas will not be massaged into a consensus document.
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