A New International Monetary Fund?

Editor’s Note: In a recent compilation of commentary for the G-20 Summit in Pittsburgh, Domenico Lombardi discusses conclusions drawn from recent IMF governance reform consultations and states that it is time for the IMF to embrace transparency and accountability, in order to bring its practices into line with those of other international organizations.

Introduction

Established as a small organisation to deal with relatively technical issues in international monetary cooperation, the International Monetary Fund (IMF) has gradually expanded its scope to encompass key aspects of the policymaking process in member countries. In so doing, it has come to affect an increasingly wide range of stakeholders. They do not necessarily recognize themselves in its formal governance framework, but their support has nonetheless become critical to the success of the IMF’s programmes and policies. This has prompted the need for the institution to develop a better understanding of such a broad range of non-institutional actors. In this vein, the IMF’s managing director has, for the first time, called on civil society – including academia, think tanks and non-governmental organisations (NGOs) – to provide input on the process for IMF reform under the socalled ‘fourth pillar’.

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