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The IMF’s role in Greece, the potential inclusion of the Chinese yuan in its currency basket, the emergence of the AIIB and governance reform have combined to shine an uncomfortably bright spotlight on the perceived dominance of the fund by Western governments, and in particular, the US .
Like money, credibility can prove hard to earn but easy to lose. When it comes to meeting the mandate of promoting global economic and financial stability that IMF managing director Christine Lagarde set out in July in a speech in Brussels, credibility is probably the most valuable asset the world’s financial watchdog holds.