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Speeches and Papers

Economists Seek IMF Reform

by Morris Goldstein, Peterson Institute for International Economics
and Arvind Subramanian, Peterson Institute for International Economics
and Edwin M. Truman, Peterson Institute for International Economics
and John Williamson, Peterson Institute for International Economics

Letter to the US Treasury Secretary-designate Timothy F. Geithner
January 26, 2009


Mr. Timothy F. Geithner
US Treasury Secretary-designate

Dear Mr. Secretary-designate:

The undersigned are encouraged by your responses to questions from the Senate Finance Committee about the Obama administration's position on IMF reform.

We believe that the package of IMF reforms that was agreed to a year ago and submitted to the Congress last November is inadequate, particularly in light of the ongoing global economic and financial crisis. We urge you and the administration to defer its Congressional consideration for now. Instead, we urge you to reopen the package starting in your discussions with other governments in advance of the meeting of G-20 heads of government in London on April 2, 2009.

The IMF's legitimacy and relevance must be substantially enhanced and supported through bold steps to realign significantly voting power in the IMF, to augment the Fund's resources commensurate with the needs of today's globalized economy, to implement the Fund's mandate for exchange-rate surveillance, and to reform, once and for all, the management selection process in the IMF.

We look forward to working with you on these crucial issues.

Nancy Birdsall   Center for Global Development
Colin Bradford   Brookings Institution
Ralph Bryant   Brookings Institution
Jo Marie Griesgraber   New Rules for Global Finance Coalition
Morris Goldstein   Peterson Institute for International Economics
Homi Kharas   Brookings Institution
Johannes Linn   Brookings Institution
Domenico Lombardi   Oxford Institute for Economic Policy
Eswar Prasad   Cornell University and Brookings Institution
Vijaya Ramachandran   Center for Global Development
Liliana Rojas-Suarez   Center for Global Development
John Sewell   Woodrow Wilson International Center for Scholars
Arvind Subramanian   Center for Global Development, Peterson Institute for International Economics, Johns Hopkins University
Edwin Truman   Peterson Institute for International Economics
John Williamson   Peterson Institute for International Economics

Affiliations are listed for identification purposes only.


RELATED LINKS

Policy Brief 14-9: IMF Reform Is Waiting on the United States March 2014

Policy Brief 13-7: The Congress Should Support IMF Governance Reform to Help Stabilize the World Economy March 2013

Book: A Strategy for IMF Reform February 2006

Working Paper 11-5: Integrating Reform of Financial Regulation with Reform of the International Monetary System February 2011

Policy Brief 10-29: Strengthening IMF Surveillance: A Comprehensive Proposal December 2010

Working Paper 10-14: Reform of the Global Financial Architecture October 2010

Testimony: The Role of the International Monetary Fund and Federal Reserve in the Stabilization of Europe May 20, 2010

Op-ed: How the Fund Can Help Save the World Economy March 5, 2009

Policy Brief 07-1: The IMF Quota Formula: Linchpin of Fund Reform February 2007

Op-ed: The IMF Should Heed This Resignation July 25, 2012