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Towards a New Bretton Woods

Challenges for the World Financial and Trading System: Selected Backgound Papers Prepared for a Commonwealth Study Group, Volume I and II

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The Reform of the International Monetary Fund, With Special Reference to Conditionality

Given a need to be brief, it is impossible for this paper to give adequate coverage to all possible reforms of the IMF. For example, no more than the briefest treatment is given here to questions of global exchange rate determination, the future role of the SDR, and specifics of increasing the usable resources of the IMF. What follows falls into three parts: (i) a statement of the case for re-form; (ii) a discussion of the longer-term, ‘systemic’ directions of reform; and (iii) detailed consideration of desirable changes in the IMF's conditionality.

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