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International Monetary Fund. Independent Evaluation Office

Abstract

The IEO completed an evaluation of the governance of the IMF in 2008 when the stability of the international monetary system was under threat and the relevance and legitimacy of the IMF was in question. The 2008 evaluation assessed the extent to which IMF governance was effective and efficient, and whether it provided sufficient accountability and channels for stakeholder voices to be heard. It concluded that effectiveness had been the strongest aspect of the Fund’s governance while accountability and voice had been the weakest, with the potential to undermine legitimacy and effectiveness if not addressed.

International Monetary Fund. Independent Evaluation Office

Abstract

The 2008 evaluation assessed the degree to which Fund governance was effective and efficient, and whether it provided sufficient accountability and channels for stakeholders to have their views heard. It focused on institutional structures as well as on the formal and informal relationships among the Fund’s main governance bodies: the Executive Board (“Board”), Management (the Managing Director and Deputy Managing Directors), and the International Monetary and Financial Committee (IMFC). Overall, it found that effectiveness had been the strongest aspect of Fund governance, which allowed for quick and consistent action particularly in times of systemic crisis. On the other hand, accountability and voice had been the weakest aspects, which the evaluation considered would likely undermine legitimacy and effectiveness over the medium term if left unaddressed.

International Monetary Fund. Independent Evaluation Office

Abstract

Significant progress has been made over the past decade towards reforming IMF governance, notably towards realigning quota and voice with member country positions in the global economy. There have also been numerous developments relative to the Board, Management, and the IMFC since the IEO evaluation. This chapter summarizes these developments as well as highlights areas where there has not been much change since 2008.

International Monetary Fund. Independent Evaluation Office

Abstract

As laid out in Chapter 3, Fund governance has evolved since the 2008 evaluation, aided by various reform initiatives. This chapter analyzes the current state of Fund governance, considering each of the Fund’s main governance bodies—the Board, Management, and the IMFC—in turn. The assessment in this chapter is informed by a desk review of internal documents; data analysis; the views of EDs, country authorities, Management, and senior Fund staff obtained through interviews; and discussions with external experts. Survey responses are presented as supplementary information but are not used as the primary source for findings given low response rates.24

International Monetary Fund. Independent Evaluation Office

Abstract

Since 2008, a series of reforms have strengthened IMF governance in a number of ways. The 2008 and 2010 quota and voice reforms achieved a sizable reduction in misalignments of member country voting power with the evolving global economy while protecting representation of low-income members. Other reforms, mainly in the area of Board practices and procedures, have improved efficiency and raised the Board’s capacity to deliver on its executive, strategic, and oversight roles. The recent introduction of Board self-evaluation, a more open archives policy, modifications to the MD’s accountability framework, and the establishment of the Office of Risk Management are steps toward greater accountability and learning. These changes as well as the underlying efforts by IMF governance bodies to make them happen deserve full recognition.

International Monetary Fund. External Relations Dept.

Following are edited excerpts from IMF Managing Director Horst Köhler’s remarks to the members of the Deutsche Bundestag on April 2 in Berlin. The full text is available on the IMF’s website (www.imf.org).

Atish R. Ghosh, Jonathan D. Ostry, and Ms. Natalia T. Tamirisa

Recovery from the deepest recession in 60 years has started. But sustaining it will require delicate rebalancing acts, both within and across countries. IMF chief economist Olivier Blanchard writes in our lead article that the turnaround will not be simple. The crisis has left deep scars that will affect both supply and demand for many years to come. This issue of F&D also looks at what’s next in the global crisis and beyond. We look at ways of unwinding crisis support, the shape of growth worldwide after the crisis, ways of rebuilding the financial architecture, and the future of reserve currencies. Jeffrey Frankel examines what’s in and what’s out in global money, while a team from the IMF’s Research Department looks at what early warning systems can be expected to deliver in spotting future problems. In our regular People in Economics profile, we speak to Nobel prize winner Daniel Kahneman, whose work led to the creation of the field of behavioral economics, and our Picture This feature gives a timeline of how the Bank of England’s policy rate has fallen to its lowest level in 300 years. Back to Basics gives a primer on monetary policy, and Data Spotlight looks at how the crisis has affected the eastern European banking system.