Reform of the International Monetary Fund (IMF) has been on the agenda of many non-OECD governments, policy makers, scholars and activists for several decades with little result. The Fund’s resources have dwindled, and more and more countries have bypassed the Fund as a lender of last resort on account of the strict conditions attached to its loans. Now, with the injection of new resources to help alleviate the desperate finances of some member countries, there is a unique window of opportunity to consider meaningful changes in the Fund’s role, its governance, instruments and operations. CIGI has published several studies on IMF surveillance and institutional issues, and in 2007-2008 organized a series of regional meetings in Latin America and the Caribbean, Africa and Central Asia to gather the perspectives of experts in these regions on their priorities for the future of the IMF. The main conclusions were considered in a workshop that brought together leading scholars and specialists from around the world in July 2008. (See the report at http://cigionline.org/publications/2008/8/bringing-balance-imf-debate).
In the midst of the present global crisis, Canada has gained an impressive international reputation for the way it has managed its fiscal and monetary policies. This presents an opportunity to introduce Canadian perspectives to the IMF reform debates. CIGI has formed a task force composed of senior Canadian policy specialists and academics on IMF reform issues. Findings and recommendations of the task force – a set of policy-oriented, actionable proposals - will be published in a CIGI special report to be presented at the Annual Meetings of the IMF and World Bank in Istanbul, as well at CIGI’s annual conference, both in early October. The task force has been organized by CIGI Senior Fellow Bessma Momani together with Eric Santor, who is the research director in the Bank of Canada’s International Department. The Canadian International Council, CIGI’s affiliate organization, is a partner in this project.
PARTNERS
PROJECT ACTIVITIES
Phase 1: Workshop
On June 4, 2009 CIGI hosted in Ottawa, in partnership with the Canadian International Council, a joint task force on Canadian perspectives of the IMF's future role in the international financial system.
This workshop is the first phase of a larger project that seeks to analyze the future of the IMF in the international system, and will focus on such topics as recruitment, conditionality, surveillance, global governance, payment systems, financial regulation, HIPC program, quota reform and executive board composition.
Participants include policy practitioners from the International Monetary Fund, policy experts, academics, non-government representatives, and Jennifer Jeffs, Senior Vice President of the Canadian International Council. CIGI speakers include: Bessma Momani, John Curtis, and Eric Helleiner. Learn more>>
Phase 2: CIGI/CIC Special Report
In the second phase, findings and recommendations of the joint task force will be published in a CIGI/CIC special report and will be presented at the Annual Meetings of the IMF and World Bank in Istanbul, as well at CIGI's annual conference.
Phase 3: CIGI Publication (forthcoming, 2010)
Following the release of the Special Report, phase three will focus on the development of a publicly-available policy-oriented book that will offer visions with respect to the future role of the Fund. A CIGI publication, it will cover issues such as: the role of the Council of Ministers, improving accountability of the executive board, improving the technocratic framework, the FSF/FSB, quota and voice reforms, etc. Drawing on experts from academia, think tanks, government and former IMF employees, the book will offer a uniquely Canadian perspective.
PROJECT ARCHIVES
IMF Reform
Over 2007/2008, CIGI, New Rules of Global Finance, and Oxford University's Global Economic Governance Programme sponsored a series of regional conferences that have enabled developing countries to articulate their needs and priorities for future services from the IMF. Learn more>>