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• Council Special Report on International Monetary Fund Reform

  Author:	Peter B. Kenen, Adjunct Senior Fellow for International Economics

  June 2006 - May 2007

  In April 2006, the Managing Director of the International Monetary Fund made a set of proposals aimed at enhancing the legitimacy and efficiency of the Fund and involving it more directly in the resolution of large imbalances involving the major economies. Some of his proposals were endorsed at the 2006 Annual Meetings of the Fund, and others are being implemented by the Fund's Executive Board. The most important reforms involve a redistribution of IMF quotas, which determine, among other things, voting power in the Fund. This Council Special Report provides a brief history of the Fund, stressing the changes that have occurred as a great many developing countries, large and small, have joined the Fund. It strongly endorses most of the Managing Director's proposals, although it criticizes others, including the way that the Managing Director would have the Fund involve itself in resolving major international financial imbalances. It argues that the United States should strongly support measures to enhance the legitimacy of the IMF, because the United States cannot readily accomplish unilaterally what the Fund can accomplish multilaterally.

  
  

   

  Meetings

  Council Special Report on International Monetary Fund Reform: Second Advisory Committee Meeting

  Advisory Committee

  
  February 7, 2007

  Related Project: Council Special Report on International Monetary Fund Reform

  Speaker:	Peter B. Kenen, Senior Fellow in International Economics, The Council on Foreign Relations
  Chair:	Jeffrey R. Shafer, Vice Chairman, Global Banking, Citigroup Inc.

   

  Council Special Report on International Monetary Integration: First Advisory Committee Meeting

  Advisory Committee

  
  October 18, 2006

  Related Project: Council Special Report on International Monetary Fund Reform

  Presider:	Peter B. Kenen, Senior Fellow for International Economics, The Council on Foreign Relations
  Speaker:	Jeffrey R. Shafer, Vice Chairman, Global Banking, Citigroup Inc.

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  David Rockefeller Studies Program Contacts

  For more information on the David Rockefeller Studies Program, contact:

  Gary Samore
  Vice President, Director of Studies, and Maurice R. Greenberg Chair
  +1-212-434-9627
  gsamore@cfr.org

  Sebastian Mallaby
  Director of the Maurice R. Greenberg Center for Geoeconomic Studies, Deputy Director of Studies, and Paul A. Volcker Senior Fellow for International Economics
  smallaby@cfr.org

  Janine Hill
  Deputy Director of Studies Administration
  +1-212-434-9753
  jhill@cfr.org

   

  

  

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  The David Rockefeller Studies Program

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