The papers in this volume draw on background work done in preparation for the study Governance of the IMF: An Evaluation, Independent Evaluation Office, International Monetary Fund, May 28, 2008 (available at http://www.ieo-imf.org). This compilation presents in one collection the most recent work to date on the subject of governance of the IMF and contributes to the ongoing dialogue on how best to strengthen the governance of this important global institution. Good governance can contribute to the IMF's legitimacy by ensuring appropriate voice and representation for the membership, by allowing the Fund to fulfill its mandates effectively and efficiently, and by facilitating accountability for relevant stakeholders. Three main conclusions follow from the studies in this volume. First, to strengthen its legitimacy and effectiveness, the Fund needs greater, higher level and more transparent involvement of member country authorities in its governance. Second, the Board needs to play a stronger role in strategy development and oversight, which requires a shift away from the day-to-day business of the organization. Finally, there are significant accountability gaps that need to be addressed if the IMF is to remain effective and regain legitimacy.
Evaluating the Governance of the IMF
IMF Governance Evolution and Comparisons
Governance of the International Monetary Fund
The IMF Council of Governors
The Role of the International Monetary and Financial Committee in IMF Governance
Executive Boards in International Organizations
Lessons from Private Sector Governance Practices
Governance of the Internal Workings of the IMF
Financial Oversight of the International Monetary Fund
Managing Conflicts of Interest and Other Ethics Issues at the IMF
The Process for Selecting and Appointing the Managing Director and First Deputy Managing Director of the IMF
Fund Governance in Action
IMF Surveillance A Case Study on IMF Governance
The Design of the IMFs MediumTerm Strategy A Case Study on IMF Governance
IMF Governance and Financial Crises with Systemic Importance
About the Authors
The Role and Evolution of Executive Board Standing Committees in IMF Corporate Governance
Summarizing the Views of the IMF Executive Board
