Back to Main Story:

Global Reform and the IMF 

  1. The defects in the IMF’s surveillance activities in the run-up to the crisis and problems with policy coordination under the G20 are discussed at length in Paul Blustein’s recent book, Off-Balance (Center for International Governance Innovation 2013). On the Fund’s role in the run-up to the crisis, the 2011 report of the IMF Independent Evaluation Office is also very good.
  2. The defects of the current dollar based international monetary system are examined cogently in a study by Emanuel Farhi, Pierre-Olivier Gourinchas and Helene Rey, Reforming the International System (Center for Economic Policy Research 2011), which was summarized in the blog on September 19, 2011.
  3. For one proposal for moving over time to an SDR-based international reserve system, see Warren Coats “Do We Need a New Global Currency?” Cayman Financial Review (January 5, 2010).