The Reform Challenge: What does the IMF need to do to become more effective, accountable, and representative?

Can the IMF reaffirm its legitimacy in the international arena by reforming its governance structure to successfully respond to the 21st century's demands? A recent report from the Independent Evaluation Office (IEO) of the IMF presents a set of proposals addressing Fund Governance. This evaluation focuses on reorienting and restructuring the three governing bodies of the IMF, namely International Monetary and Financial Committee (IMFC), the Executive Board, and the Management. The report offers concrete ideas as to how to reform the IMF's corporate governance in order to restore the institutions' strongest aspect--its effectiveness--and extend the governing bodies' transparency to increase accountability. 

At this event on June 11, 2008, IEO Director, Thomas Bernes, presented the report findings. A panel of discussants, including Amar Bhattacharya, Director, Intergovernmental Group of Twenty-Four (G-24) and Jo Marie Griesgraber, Executive Director, New Rules for Global Finance Coalition, evaluated the strengths and weaknesses of the report. The discussion was moderated by Nancy Birdsall, President of the Center for Global Development.