Governance of the International Monetary Fund (IMF): Decision Making, Institutional Oversight, Transparency and Accountability

Pamphlet Series, August 9, 2002

Source details

Canonical URL

Governance of the International Monetary Fund (IMF): Decision Making, Institutional Oversight, Transparency and Accountability

Other formats

• Markdown version
• Structured JSON version
• Bundle manifest

Bibliographic details

• Published: August 9, 2002
• Series: Pamphlet Series
• DOI: https://doi.org/10.5089/9781589061309.054

Quotas and Voting Power

• The author, a top decision maker at the IMF for two decades, focuses first on the system of quotas and voting power in the IMF and concludes that it calls for reforms to enhance equity among the membership.
• Key emphasis: need to reform quota and voting arrangements to improve equity across members.

Executive Board Decision Making and Consensus

• Examination of decision making in the Executive Board with an emphasis on consensus building in a cooperative institution.
• Findings:
  • Consensus building is central to Executive Board operations.
  • The cooperative nature of the institution shapes how decisions are reached.

Political Oversight: Interim Committee and IMFC

• Review of the record of political oversight of the international monetary system through the Interim Committee and its successor, the International Monetary and Financial Committee (IMFC).
• Observations:
  • The Interim Committee and IMFC play defining roles in political oversight.
  • Their activities have direct implications for IMF decision making.

Influence of Member Groups and Major Shareholders

• The author comments on the impact on IMF decision making of:
  • The activities of groups of members.
  • The differing interests of major shareholders.
• Implication: group dynamics and major shareholder interests affect governance outcomes.

Financial Crises of the 1990s and Governance Implications

• The author recalls the distinctive features of the financial crises of the 1990s.
• He examines their evolving implications for IMF governance, indicating that crisis experience has shaped governance considerations and reforms.

Appraisal of IMF Governance

• The essay concludes with an appraisal of IMF governance, drawing together observations on quotas, Executive Board decision making, political oversight, member group activities, major shareholder interests, and lessons from 1990s crises.