IMF Governance Reform: A Discussion on the Recommendations of the Committee

The global financial crisis has placed the role and resources of the International Monetary Fund (IMF) at the forefront of policy discussions. From the G-20 Summit to the upcoming Spring Meetings of the World Bank and the IMF, policy-makers are focused on how IMF reform might ensure more effective monitoring of the global economy and help avoid future crises. A recent report by the Committee on IMF Governance Reform, chaired by Trevor Manuel, minister of finance for the Republic of South Africa, recommends steps to reform and strengthen the Fund to more adequately reflect the new global economy and increase its effectiveness and legitimacy.

On April 24, the Brookings Institution hosted a conversation on the committee’s recommendations for broader global economic governance and financial challenges, including proposals for a new global reserve currency. A panel discussion featuring Trevor Manuel; George Soros, chairman of Soros Fund Management and founder of the Open Society Institute; Jose Antonio Ocampo, professor at Columbia University; and Eswar Prasad, Brookings senior fellow, followed. Kemal Derviş, vice president and director of Global Economy and Development at Brookings, provided introductory remarks and moderated the discussion.