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Brings jointly top specialists from around the globe to additional the talk at the a variety of dimesions of responsibility of IMF to its numerous sharholders and stakeholders. Having totally explored how the concept of responsibility could be pragmatically utilized it then assessments numerous substitute appriaches and makes a few strategies.
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Additional resources for Accountability Of The International Monetary Fund (Voices in Development Management)
Ngaire Woods is Director of the Global Economic Governance program at University College, Oxford and author of a forthcoming book on the politics of the IMF and the World Bank. The authors wish to thank Chas Budnick for valuable research assistance, and many senior staff members and country representatives at the IMF for their useful comments and suggestions on an earlier draft of this chapter. channel through which citizens have voice in national decisions. In a few, mostly rich, countries, legislators already weigh in on IMF issues, but most parliamentarians do not.
The retention of a permanent creditor majority in the IMF could be structured to preserve the US veto and could also be structured to retain a significant European voting share, including the current European veto. In addition, depending on the mechanisms used to effect such a revision, the relative ranking of voting strength among the creditor group could be preserved, either entirely or to a large extent. If political agreement were unable to be achieved to improve the interests of all developing country members, a further set of options would be to agree to enable one or more sub-sets within the debtor group to benefit from an overall political agreement to improve their voting status.
22. 34 See for example Alberich and Martinez (2002). The authors make a strong appeal for open and transparent rules for the election and appointment of Executive Directors. Options for Improving Representation of Developing Countries in the IMF Executive Board This section considers some potential options for reform of both the voting structure and the distribution of Executive Board seats in the IMF, which would address the substantive concerns of developing countries in the board, and significantly address the challenges of loss of ownership of the decision making process and attendant loss of efficiency in decision making.