International Monetary Fund Decision Making Essay

31729 Words Aug 26th, 2011 127 Pages
Pamphlet Series

No. 53

Governance of the IMF
Decision Making, Institutional Oversight, Transparency, and Accountability
Leo Van Houtven

INTERNATIONAL MONETARY FUND 2002

Pamphlet Series

No. 53

Governance of the IMF
Decision Making, Institutional Oversight, Transparency, and Accountability
Leo Van Houtven

INTERNATIONAL MONETARY FUND Washington, D.C. 2002

ISBN 1-58906-130-6 ISSN 0538-8759 August 2002

The views expressed in this pamphlet, including any legal aspects, are those of the author and should not be attributed to Executive Directors of the IMF or their national authorities.

Cover design and typesetting: IMF Graphics Section

Please send orders to: International Monetary Fund, Publication Services
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General Approach to Consensus Building in the Board .......... Consensus Building and Decision Making in Practice............ Protecting the Consensus Model and Safeguarding the Rights of Minority Shareholders in the IMF ....................... V. Enhancing Political Oversight of the International Monetary System................................................................ The Interim Committee: A Mixed Leadership Record............ The International Monetary and Financial Committee: Toward More Effective Systemic Oversight? ..................... The Intergovernmental Group of 24: Cohesion Weakened by Diverging Interests of Members.................... The Group of Five and the Group of Seven: Leading or Overbearing? ..................................................... Competing Interests: The United States, Western Europe, and Japan and the Asian Region .......................................... iii v vii 1 5 5 7 11 13 16 18 20 20 23 25 30 32 32 35 37 38 41

CONTENTS

VI. IMF Governance in a Crisis: Mexico, 1994–95 ................... VII. Implications for IMF Governance of the Financial Climate of the 1990s .......................................................... Distinctive Features of the Crises, 1997–99 ............................ Strengthening the Financial Architecture................................. Collaboration Between Civil Society and the

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