进出口经理人:IMF reform must progress despite shakeup

来源：百度文库 编辑：九乡新闻网 时间：2024/05/02 23:52:44

IMF reform must progress despite shakeup

15:09, May 23, 2011      

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    The International Monetary Fund (IMF) announced on May 18 that its president Dominique Strauss-Kahn, who is being accused of sexual assault in the United States, has formally submitted his resignation. The subject of who will replace him has become a popular topic in the media of various countries, and the direction of IMF reform is once again being hotly debated.

    Established after the World War, the IMF is an important functional organization of the international monetary system. A total of 186 countries have joined this organization. As the lender of last resort, the IMF provides member countries financial aid when they are in crisis. It has played a positive role in promoting global monetary cooperation and in ensuring global financial stability over the past few decades.

    It conformed to changes in the international economic pattern after the international financial crisis in 2008, and state leaders of member countries from G20 reached a consensus on the necessity of IMF reform during the G20 Summit in 2009. The IMF began to focus on four aspects to promote the reform, including improving the adequacy of funds, relaxing aid provisions, strengthening supervision and adjusting the governance structure.

    The size of IMF funds has been expanded from 250 billion U.S. dollars in 2009 to the current 750 billion U.S. dollars, which has greatly increased the intensity of IMF assistance. Particularly, the IMF played an important role in preventing the deepening and dispersal of the recent sovereign debt crisis in several European countries such as Greece and Ireland.

    In regards to loans, the IMF put away the harsh and rigid lending model in the past and maximized its flexibility on aspects such as loan conditions, loan terms and loan varieties based on new features of each crisis. This has improved the effectiveness and appropriateness of loans to a certain degree.

    In regards to its supervision function, the IMF changed its long-term hard-line stance against developing countries implementing capital controls and first confirmed the rationality of capital controls under certain conditions. This change satisfies the practical needs of certain developing countries with small financial markets and a weak financial sector.

    In terms of governance structure, the IMF promised to increase the voting rights of China and other emerging economies, which was the focus of its reforms. The rapid rise of emerging countries has changed the world economic pattern, but developed countries still retain a dominant position in the international financial system.

    The status of emerging countries in the current world financial system does not match their rising power, which has greatly hindered the process of global rebalancing and undermined international financial stability. The IMF promised in December 2010 to transfer 6 percent of its voting rights to underrepresented countries, including emerging countries, which will be the largest transfer of voting rights in the history of the IMF.

    The move also creates seats for Brazil, Russia, India and China on the IMF's expanded 10-member governing board. After the transfer is completed, China will enjoy the third-largest say in the IMF. In addition, the voting shares of low-income countries will also be increased.

    Another important reform in the IMF's governance structure is about its leadership. Under an unwritten convention, an American runs the World Bank and a European runs the IMF. It has always been this way since the founding of the two organizations. However, after the sexual assault charges against Strauss-Kahn triggered a search for a successor, there has been a growing consensus that the next head of the IMF should come from an emerging country, though Europe wants to follow the long-standing convention.

    The constructive reforms of the IMF in recent years should not be affected by the change of its leaders. Emerging and developing countries are playing an increasingly important role in the world economic system, and whoever succeeds Strauss-Kahn should face the situation squarely.

    If his successor can correctly assess the situation and make proper decisions, the IMF's governance structure will be more balanced, and emerging economies will gain a greater say in the IMF while playing an increasingly important role in the international monetary cooperation.

    By People's Daily Online
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