- I. Introduction
- II. Quotas and Voting Power in the IMF: A System That Calls for Greater Equity
- III. Checks and Balances in the Governance of the IMF
- IV. Consensus Decision Making in a Cooperative Institution
- V. Enhancing Political Oversight of the International Monetary System
- VI. IMF Governance in a Crisis: Mexico, 1994-95
- VII. Implications for IMF Governance of the Financial Climate of the 1990s
- VIII. An Appraisal of IMF Governance
Front Matter
- International Monetary Fund
- Published Date:
- August 2002

Governance of the IMF Decision Making, Institutional Oversight, Transparency, and Accountability
Leo Van Houtven
INTERNATIONAL MONETARY FUND
Washington, D.C.
2002
ISBN 1-58906-130-6
ISSN 0538-8759
August 2002
The views expressed in this pamphlet, including any legal aspects, are those of the author and should not be attributed to Executive Directors of the IMF or their national authorities.
Cover design and typesetting: IMF Graphics Section
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Contents
II. Quotas and Voting Power in the IMF: A System That Calls for Greater Equity
V. Enhancing Political Oversight of the International Monetary System
The International Monetary and Financial Committee: Toward More Effective Systemic Oversight?
The Intergovernmental Group of 24: Cohesion Weakened by Diverging Interests of Members
The Group of Five and the Group of Seven: Leading or Overbearing?
Competing Interests: The United States, Western Europe, and Japan and the Asian Region
VII. Implications for IMF Governance of the Financial Climate of the 1990s
Preface
The author, Leo Van Houtven, is President of the Per Jacobsson Foundation, which was established in honor of the former Managing Director of the IMF (1956-63). The Foundation sponsors lectures in international finance and monetary cooperation in the context of the Annual Meetings of the IMF and, on a number of occasions, of the Bank for International Settlements in Switzerland. The author made his career in the IMF. From 1977 through 1996, he was the Secretary of the IMF and in 1987 he received the additional title of Counsellor to the Managing Director.
The views expressed in this essay are those of the author and should not be attributed to the IMF. The author continues to benefit greatly from his contacts and discussions with former colleagues on the IMF’s Executive Board and on the staff. He wishes to thank Christian Brachet, Eduard Brau, François Gianviti, Luc Hubloue, Azizali Mohammed, Alexander Mountford, P.R. Narvekar, Barry Newman, and J.J. Polak for their stimulating comments on the essay in progress. The author is responsible for remaining weaknesses. He also wishes to thank Ian McDonald, who edited the text, Marina Primorac, who coordinated the production, and Nabila Salah for her administrative assistance throughout the project.
List of Abbreviations
BISBank for International Settlements
EMSEuropean Monetary System
ESAFEnhanced Structural Adjustment Facility
DDSData Dissemination Standard
FSAPFinancial Sector Assessment Program
GABGeneral Arrangements to Borrow
HIPCHeavily Indebted Poor Countries
IAISInternational Association of Insurance Supervisors
IBRDInternational Bank for Reconstruction and Development (World Bank)
IEOIndependent Evaluation Office
IMFInternational Monetary Fund
IMFCInternational Monetary and Financial Committee
IOSCOInternational Organization of Securities Commissions
NABNew Arrangements to Borrow
NAFTANorth American Free Trade Area
NGONongovernmental organization
OECDOrganization for Economic Development and Cooperation
PDRPolicy Development and Review Department
PFPPolicy Framework Paper
PINPublic (formerly Press) Information Notice
PRGFPoverty Reduction and Growth Facility
ROSCReport on Observance of Standards and Codes
SDRSpecial Drawing Right
SRFSupplementary Reserve Facility
WTOWorld Trade Organization