The author-a top decision maker at the IMF for two decades-first focuses on the system of quotas and voting power in the IMF and concludes that it calls for reforms to enhance equity among the membership. He then examines decision making in the Executive Board, with an emphasis on consensus...

On May 21, 2008, the Executive Board discussed the report of the Independent Evaluation Office (IEO) on 'Aspects of IMF Corporate Governance - Including the Role of the Executive Board'. The Joint Statement issued by the Executive Board and the Managing Director following the Board discussion...

This paper reviews progress under the Fund's strengthened cooperative strategy on overdue financial obligations. Since the last review, total arrears to the Fund declined by SDR 17.5 million to SDR 1,309.5 million. Payments to the Fund by Sudan and Zimbabwe were in excess of new obligations...

Provides a comprehensive survey of recent developments in international financial markets, including developments in emerging capital markets, bond markets, major currency markets, and derivative markets. The report focuses on efforts by the major industrial countries to strengthen the...

Following a review and assessment of recent developments in capital market and banking systems, this year's International Capital Markets report reviews and assesses recent developments in mature and emerging financial markets and continues the analysis of key issues affecting global financial...

This paper describes a financial system that should be adopted for the 21st century. The paper highlights that the financial crisis of 2008 has raised fundamental questions about how the financial industry is structured, managed, and regulated. The paper discusses that a well-functioning...

Provides a comprehensive survey of recent developments in international financial markets, including developments in emerging capital markets, bond markets, major currency markets, and derivative markets. The report focuses on efforts by the major industrial countries to strengthen the...

The Fund has made good progress over the past two years in integrating macrofinancial analysis into Article IV surveillance for a wide range of members. Building on past work to enhance financial sector analysis, Fund staff has sought to develop a consistent and forward-looking view on how the...