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Letters from the IMF Managing Director on IMF Reform and the Fourth Pillar

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.

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IMF Criticised for "Fancy Footwork" over Real Reforms

IPS News by Mathew O. Berger. In what the International Monetary Fund is calling a historic moment, the institution approved long-awaited reforms Friday that would shift some decision-making weight to emerging economies. Some NGOs, however, do not see the reform as nearly that momentous. The most significant aspect of the reforms moves China up to become the country with the third-greatest say on the IMF's board as well as moving the other so-called BRIC countries – Brazil, India and Russia – into the top 10 countries in terms of the quota of votes allotted them on the institution's board.  11/8/10

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US: Promote Global Financial Transparency at G20 Summit

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

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Video of "Governing Global Finance"

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

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Economists urge IMF overhaul

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

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IMF boardroom crisis: Europeans stubbornly cling to chairs

Bretton Woods Project: IMF governance reform was thrown into disarray in August by a fight between the US and Europe over reducing European board seats. Other promised reforms, including to voting shares and leadership selection, appear to be going backwards.

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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Groups Urge Congress to Ban Tax Strategy Patents

Accounting Today by WebCPA Staff. New Rules joins the American Institute of CPAs and 18 other groups in a written letter to congressional leaders encouraging them to ban tax strategy patents before adjourning. 9/29/10

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AICPA Urges Lawmakers to Ban Tax Patents

Journal of Accounting. New Rules joined a group of national consumer and taxpayer organizations to urge Congress to ban tax strategy patents before adjourning for the year. 9/29/10

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AICPA, U.S. PIRG Coalition Urges Congress to Ban Tax Strategy Patents Before Adjourning

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

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