By Barry Carin, Angela Wood
Brings jointly top specialists from world wide to additional the controversy at the quite a few dimesions of responsibility of IMF to its quite a few sharholders and stakeholders. Having totally explored how the suggestion of responsibility may be pragmatically utilized it then assessments a number of replacement appriaches and makes a few ideas.
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Additional resources for Accountability Of The International Monetary Fund (Voices in Development Management)
On a number of occasions in the past several decades, though, political forces and economic events have converged to put the Fund at the centre of legislative controversy. By examining two of those episodes, in 1983 and 1998, we hope to illuminate the circumstances that make Congress the most active legislative overseer of the IMF. It should be clear that Congressional oversight has often been driven more by narrow domestic politics than by the challenges of global economic governance. It should also be apparent that Congress is an extraordinary case, and that no other legislature can be expected to play as dynamic an oversight role on IMF matters.
It is unable to address the challenge of diminished member country ownership in the decision making process itself, nor the challenge of enabling SSA members to have meaningful opportunities to forge and join a Board consensus. To increase the board's size (an 85 per cent majority is required), it is often argued that an increase in size will contribute to decreased operational efficiency. It should be noted, however, that any such decrease, were it to occur, would be marginal, given the addition of up to two more seats to the current 24.
Still, Congress's experience highlights some of possibilities and limitations of using domestic legislatures to democratize decision making at the Fund. 5 billion increase in the General Agreements to Borrow, which amounted to a roughly 50 per cent increase in the IMF's total resources.