Remarks by Treasury Under Secretary for International Affairs on IMF Reform

"My argument today is straightforward. The IMF must reform to remain relevant. The world economy is constantly changing, and the IMF must now change with it, as it has successfully done in the past. At the highest level, the IMF's core mission remains promoting an open and growing world economy and the smooth functioning of the international monetary and financial system. It must adapt how it performs this mission, to a world marked by rapid technological transformation, the rising economic weight of emerging markets, and the increasing internationalization of financial markets. To remain relevant, the IMF must take three important steps:


First, the IMF needs to evolve how it performs its mission to meet the forward-looking challenges of the international monetary system.

Second, it needs to reform its governance structure to reflect the growing weight of dynamic emerging markets in the global economy.

Third, the IMF needs to change its operating model to reflect its new mission, ensure ongoing budget discipline, and put in place sustainable sources of income."


[Read More:Full Text]