A genuine reform of the IMF would require as much a redirection of its activities as improvements in its policies and operational modalities. There is no sound rationale for the Fund to be involved in development and trade policy, or in bail-out operations in emerging market crises. It should...

The world economy is now in difficult straits as a result of the financial turmoil sparked by the subprime crisis in the United States. In this turbulent environment, prospects for sustaining global growth and stability seem to hinge more than ever on developing countries, particularly the...