The following message is what I received with the request to share with all who participated in and supported the Fourth Pillar process for collecting Civil Society input on IMF governance reform. There has been some progress on quota and voice, but much remains on the entire accountability agenda.
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
The IMF shareholders are engaged in real politik tussles over chairs and shares, allegedly to bridge the democracy deficit on the Executive Board and thereby enhance the IMF’s legitimacy. But the IMF is not alone in its need to improve its governance. So too is the G20 and the Financial Stability Board. A superb expert panel describes the successes to date, what international financial governance should look like, and the obstacles to achieving the desired end goal. 10/9/10
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
PR Newswire. Inappropriate Patents Attempt Monopoly on U.S. Tax Code. Tax strategy patents threaten American taxpayers and Congress should ban them before it adjourns for the year, a coalition of 18 national consumer and taxpayer organizations said in a letter to lawmakers. 9/29/10
Dear Governors: In your capacity as the final decision-makers within the International Monetary Fund, we ask for your support of key governance reforms of the institution. We recognize the significant role that the IMF has played in seeking to redress the recent international financial crisis and the institution’s efforts to upgrade the lending framework, simplify conditionality and strengthen its role in crisis prevention and in support of low-income countries, while there is still more progress to be made in these areas. September 28, 2010
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