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Journal of International Economic Law Advance Access published online on August 9, 2007
Journal of International Economic Law, doi:10.1093/jiel/jgm015
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© Oxford University Press 2007, all rights reserved

Reforming the International Monetary Fund – Why its Legitimacy is at Stake

Hector R. Torres*

Correspondence: * Alternate Executive Director at the International Monetary Fund, Washington, D.C. 20431, USA. Opinions are those of the author (E-mail: htorres{at}imf.org). The author is indebted to María Flores-Isch and Luan Aggersberg for their support and patience.


  Abstract

The International Monetary Fund was designed to promote international monetary cooperation and foreign exchange stability, so as to facilitate international trade, high levels of employment and real income, and the development of the productive resources of all its members. However, the Fund's capacity to influence its key members’ policies through its advice, and to give confidence to potential borrowers by offering opportune and meaningful financial assistance in case of trouble, has been seriously put into question. Its governance structure is inconsistent with its multilateral nature and is dysfunctional to its purposes. There is also an ideological bias in its policy advice that prevents the Fund from being responsive to citizens' concerns and challenges posed by globalization. The ongoing reform process is tinkering on the margins and if not redressed will fail to bring additional credibility and effectiveness to the Fund.


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