In The News
Agence France Press. The choice of French Finance Minister Christine Lagarde to be the first woman to head the International Monetary Fund was widely applauded Tuesday, but critics assailed the secretive process that kept in place Europe's 65-year lock on the position. 6/29/2011
The Observer by Jeff Mbanga. The Executive board of the International Monetary Fund will choose between a Mexican banker and a French minister as the fund's Managing Director by the end of this month. 6/22/11
Accounting Today by Roger Russell. New Rules joins a coalition of 15 national organizations urging the Senate Judiciary Committee to keep a provision in S. 23, The Patent Reform Act of 2011, which would stop tax strategy patents. The bill goes to mark-up on Feb. 3. 2/2/11
Greater Accountability Would Improve Development and Rights, Alleviate Poverty.(Human Rights Watch) - The United States should press for greater transparency and accountability in the global financial system at the G20 Summit meeting in Seoul, a coalition of civil society organizations said today. The G20 Advocacy Coalition brings together varied organizations that share the view that increased transparency is essential to promoting economic development, alleviating poverty, and realizing enjoyment of economic and social rights. 11/8/10
Asia Times by Jim Lobe. Thirteen leading international economists and development specialists have called for a major reform of the governing body of the International Monetary Fund (IMF) and the way it does business. 9/30/10
Maintaining the IMF board size at 24, rather than the 20 stipulated in the Fund's articles of agreement, requires an 85 per cent majority vote every two years, meaning the US, with nearly 17 per cent of the vote, can block this. The US finally made good on previous threats and vetoed the decision in August, meaning that unless it changes its position, the IMF board will shrink to 20 seats by the end of October. Paulo Nogueira Batista Jr, the Brazilian IMF executive director said it was a "fully-fledged, possibly unprecedented crisis." Domenico Lombardi of UK think-tank the Oxford Economic Policy Institute called it "an aggressive move generated by a strong sense of frustration at what the US sees as a European inability to foster the process of IMF reform." 9/30/10
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