Stuffing new wine into old bottles: The troubling case of the IMF

Abstract

This paper argues that IMF is failing because its decision-making structure and procedures have not adapted to its changing functions and role in the global economy. This results in poor policy decisions and causes distortions in the IMF's relations with its member states, non-state actors, and other international organisations, and problems with some of the IMF's interpretations of its articles. This paper also proposes a set of short-, medium- and long-term reforms that, if adopted by the IMF, would make its decision-making procedures more compatible with its current functions and changed relations with its member states.