IMF Reform: The Unfinished Agenda
Marking the launch of the Twentieth Geneva Report
Reza Moghadam (Morgan Stanley and CEPR)
Charles Wyplosz (The Graduate Institute, Geneva and CEPR)
Ngaire Woods (University of Oxford)
Morgan Stanley, 25 Cabot Square, Canary Wharf
London E14 4QA
23 November 2018
Registration from 9:00
Presentations and Discussion: 9:30:30-11:00
The very first Geneva Report, An Independent and Accountable IMF was published in September 1999. For this 20th report the same group of authors have reunited to survey changes in the global economy and the IMF. They find that the earlier trend toward globalisation has continued and the IMF has adapted, but there are new challenges. They highlight the key developments affecting the global monetary and financial architecture and their implications for the Fund. These developments range from the emergence of alternative safety nets (including regional financial arrangements and bilateral swap agreements among central banks) to the emergence of China as a superpower, which challenges the multilateral world financial order.
The IMF is aware of the challenges that face it and has offered responses, but much remains to be done. The Report:
- suggests introducing a quick-disbursing emergency-financing facility for countries with strong fundamentals that does not require prequalification;
- proposes new ways for the Fund to deal with regional arrangements; and
- recommends major changes to IMF governance, including a high-level non-resident Board, elected using a tailored voting procedure, whose role is to make the independent management team more accountable.