By Barry Carin, Angela Wood
Brings jointly major specialists from around the world to additional the controversy at the numerous dimesions of responsibility of IMF to its a variety of sharholders and stakeholders. Having absolutely explored how the inspiration of responsibility may be pragmatically utilized it then checks a variety of replacement appriaches and makes a few concepts.
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Additional info for Accountability Of The International Monetary Fund (Voices in Development Management)
In practice, a ceiling of 13-15 members would constitute an optimal outcome, ensuring that SSA members secured at least one additional board seat, and enabling all other constituencies to remain intact, or to effect a voluntary reshuffling if they considered it desirable. An ancillary challenge presented by this approach would be determining how the resulting three African constituencies would be comprised. Some reshuffling within the current two constituencies would clearly be required. In practice, this challenge would be addressed internally among Sub-Saharan African countries.
The retention of a permanent creditor majority in the IMF could be structured to preserve the US veto and could also be structured to retain a significant European voting share, including the current European veto. In addition, depending on the mechanisms used to effect such a revision, the relative ranking of voting strength among the creditor group could be preserved, either entirely or to a large extent. If political agreement were unable to be achieved to improve the interests of all developing country members, a further set of options would be to agree to enable one or more sub-sets within the debtor group to benefit from an overall political agreement to improve their voting status.
They have passed legislative mandates requiring Executive Directors to pursue certain policies at the Executive Board. While many national legislatures are capable of exerting influence on IMF governance and many legislatures have increasingly done so, the US Congress has taken a far more active oversight role than any parliament. Accordingly, our review of the record of legislative oversight of the IMF is largely devoted to evaluating and analyzing the Congressional experience. The role of Congress is important not just because Congress has been responsible for the bulk of legislative oversight but because its forays into Fund governance suggest some of the possibilities and pitfalls of further expanding parliamentary oversight of the IMF.
Accountability Of The International Monetary Fund (Voices in Development Management) by Barry Carin, Angela Wood