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What Next for the IMF?

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  • Edwin M. Truman

    (Peterson Institute for International Economics)

Abstract

After the Obama administration's four failed attempts to win congressional approval of the 2010 quota and governance reform for the International Monetary Fund (IMF), it is time to recognize that implementation of the agreement may be indefinitely delayed. The international community must therefore prepare for the likelihood of a new world order in which the IMF augments its funding and reforms its governing structure without US participation. This Policy Brief examines four options for the IMF: First, wait for the US Congress to pass the necessary legislation. Second, complete a new, augmented IMF quota and governance package and again wait for the United States to give its formal approval. Third, bypass the US Congress and risk losing the US veto over a few important decisions on the structure of the IMF. Fourth, let the Fund adopt a reform and financing package within a structure that potentially excludes US participation and eliminates the US veto in the new entity.

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  • Edwin M. Truman, 2015. "What Next for the IMF?," Policy Briefs PB15-1, Peterson Institute for International Economics.
    • Handle: RePEc:iie:pbrief:pb15-1
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    File URL: https://www.piie.com/publications/policy-briefs/what-next-imf
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    Cited by:

    1. Zhang Jiaming, 2015. "Imf’S Reforms And Brics’ New International Financial Institutions: Progress And Policies," Romanian Economic Business Review, Romanian-American University, vol. 10(3), pages 133-149, September.
    2. Wade, Robert H. & Vestergaard, Jakob, 2015. "Why is the IMF at an impasse, and what can be done about it?," LSE Research Online Documents on Economics 64106, London School of Economics and Political Science, LSE Library.

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