A senior British official has made proposals for a greater separation between the surveillance and lending functions at the IMF, in order to strengthen crisis prevention. Citing recent failures in Argentina and Turkey, Chief economic adviser Ed Balls argues the IMF should be “as credible and independent from political influence in its surveillance … as an independent central bank”. This would suppose building an “institutional firewall” between the different functions of the Fund to avoid conflicting incentives. The idea is likely to be tabled at the IMF Finance Ministers’ meeting mid-April, chaired by UK Chancellor Gordon Brown.
Review maintains inadequate and inconsistent approach to economic and gender inequality, as well as climate change.
Donate to the Bretton Woods Project
The Bretton Woods Project is a UK-based NGO that challenges the World Bank and IMF and promotes alternative approaches. We serve as an information provider, watchdog, networker and advocate. Our flagship publications are the Bretton Woods Observer, a quarterly critical review of developments at the World Bank and IMF, the Dispatch, a biannual analysis of the World Bank and IMF Spring and Annual Meetings, and the NewsLens, a bi-weekly roundup of key news and critical viewpoints published about the World Bank and IMF.
The Bretton Woods Project is an ActionAid hosted project (UK registered charity no. 274467).