For the IMF, history on hold
Oliver Stuenkel reminds us that the historic 2010 reform of quota shares at the International Monetary Fund—widely touted as an institutional recognition of emerging-power influence—has still not gone into effect: The IMF hailed these steps as "historic" and pointed out that they represented "a major realignment in the ranking of quota shares that better reflects ...
Oliver Stuenkel reminds us that the historic 2010 reform of quota shares at the International Monetary Fund—widely touted as an institutional recognition of emerging-power influence—has still not gone into effect:
Oliver Stuenkel reminds us that the historic 2010 reform of quota shares at the International Monetary Fund—widely touted as an institutional recognition of emerging-power influence—has still not gone into effect:
The IMF hailed these steps as "historic" and pointed out that they represented "a major realignment in the ranking of quota shares that better reflects global economic realities, and a strengthening in the Fund’s legitimacy and effectiveness." Yet the 2010 reforms are subject to approval by national governments, including a deeply partisan U.S. Congress. Fearing a domestic backlash ahead of the presidential and congressional elections, the Obama administration has been unwilling to put the issue to a vote. Thus, as such, the reforms agreed to two years ago were not implemented ahead of the meeting. This is all the more paradoxical because the global economic developments during past two years have dramatically strengthened the case for better representation for emerging powers. Only four months ago, at the G20 Summit in Los Cabos, Mexico, BRICS nations agreed to contribute more than $70 billion to the IMF, but not without voicing their concerns about the implementation of the quota reforms agreed upon.
David Bosco is a professor at Indiana University’s Hamilton Lugar School of Global and International Studies. He is the author of The Poseidon Project: The Struggle to Govern the World’s Oceans. Twitter: @multilateralist
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