Reform of the International Monetary Fund

Since its founding after World War II, the International Monetary Fund's purpose and scope of work have changed dramatically. These changes, in turn, have sparked calls for reform. Proposals to modify the Fund's activities, lending facilities, and governance have come from many experts, including the Fund's managing director. Others, who find the Fund illegitimate or obsolete, have called for its abolition. This timely report by noted expert Peter B. Keenan rejects the urgings of the abolitionists and contends that efforts to reform the Fund deserve U. S. support. With well-managed reform, the Fund could also play a useful role in resolving global economic imbalances. Overall, the author argues, the United States should not try to achieve unilaterally what the Fund can and should achieve multilaterally. This report was sponsored by the Council's Maurice R. Greenberg Center for Geoeconomic Studies.