G8 governments review IFI mandates

As part of chairing the G8, the US government initiated a review of the international financial institutions. The review is shrouded in secrecy but is said to include improving IMF assessments of economic policies and potential crisis risks, and refocusing the IMF and World Bank on their core mandates. G8 finance ministers said in May “the institutions must reform further on the basis of principles of accountability, good governance, transparency, clarity of objectives and effective working with markets.” While examining the IFIs’ mandates is always welcome, the G8 is not the approapriate forum to be doing it.