It seems the latest global financial crisis is deflating the IMF hubris bubble. Two recent IMF Staff Position Notes offer serious re-thinks to past IMF policy stances and are causing stirs in official circles. In particular, the papers highlight some of the ways that IMF policies have contributed to macroeconomic and financial instability; the papers also recommend some policies that not too long ago the IMF sought to ban through amendments to its founding Articles of Agreement.
Revelations that investment bank Goldman Sachs helped Greece hide the size of its fiscal deficit through creative financial derivatives transactions have cast a spotlight on an unlikely place: Financial Stability Board Chair Mario Draghi.
Source: IMF. The main event of the Forum was the IMF’s session on governance reform. IMF Managing Director Dominique Strauss-Kahn, held a meeting with 14 CSOs representatives from around the world— the final step of a process that has come to be known as the Fourth Pillar. The gathering was the culmination of a five-month consultation marked by unprecedented Fund cooperation with CSOs to prepare a report on governance. October 20, 2009.
Civil society representatives met with the IMF Managing Director Dominique Strauss-Kahn to present their final report on IMF governance reforms at the 2009 World Bank and IMF Annual Meetings held in Istanbul.October 14, 2009.
iMFdirect - The International Monetary Fund's Global Economy Forum. Blog by Caroline Atkinson. There has been talk for years of the need for IMF governance reform by critics of the IMF. Now it is on the official agenda–and some of the civil society organizations (CSOs) who have been most interested and vocal on the subject have been participating in the debate with the IMF. Managing Director Dominique Strauss-Kahn held a small meeting with civil society representatives from around the world–the final step of the so-called Fourth Pillar process. October 2, 2009.
CSOs met with Dominique Strauss- Kahn at the 2009 World Bank/ IMF Annual Meetings to discuss IMF Governance Reform.
Bloomberg News. Sandrine Rastello and Rebecca Christie. Leaders from the Group of 20 nations are discussing a U.S.-backed plan to give emerging markets more power at the World Bank, officials from G-20 countries said. September 24, 2009
Representatives from civil society organizations meet with the IMF Executive Board in an informal seminar to discuss CSO recommendations on IMF governance reform. September 23, 2009.
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