While the intellectual thinking within some parts of the international financial institutions has recognised the usefulness of capital controls, there is yet to be formal acceptance of them within the International Monetary Fund (IMF). While the IMF's Articles of Agreement already contain important provisions about the rights of countries to use capital controls, consensus has not been achieved among the Fund's largest members on capital account management, despite its importance for both large
Analysis
IFI governance
Analysis
IFI governance reform
Much as developing countries have often taken the approach that "no deal is better than a bad deal" at the WTO, a strong joint negotiating position would leverage larger gains in the IMF governance reform process due to be concluded by the end of 2010. Possible gains from a tough negotiating position include a rewriting of the IMF quota formula, double majority voting, more developing country seats on the board, and an end to the US veto. Limited change at the Bank highlights potential pitfalls.
Accountability
Analysis
Submission on the World Bank and IFC to DFID's multilateral aid review
As the UK government reviews its funding and relationships with multilateral organisations, we argue that the World Bank Group's poor performance, lack of country ownership and accountability, and tendency to 'mission creep', require a focus on institutional and policy change at the Bank, and no increase in funding.
Infrastructure
Analysis
Climate Investment Funds Monitor 2
As pilot countries are selected and funding allocated, concern mounts over poor consultation, the weakness of some country proposals, and failure to address governance issues.
Social services
Analysis
Social insecurity
This paper aims to raise awareness of private financial institutions' influence on healthcare and pensions in developing countries.
Knowledge
Analysis
Fundamental change or more of the same?
In this review, we assess the progress of the G20, and particularly of the UK government, towards the 12 policy recommendations as set out by the Put People First platform in March 2009 and identify areas where further progress should be pursued in 2010. This review shows that the international community needs to continue to focus on sustainable and equitable policy, by going far further than has so far been contemplated.
Rights
Analysis
Human rights (the World Bank way)
Most of the world's governments have ratified at least one human rights treaty or convention. Kirk Herbertson, Kim Thompson and Robert Goodland of the World Resources Institute ask why the World Bank Group - which is owned by these same governments - is hesitant to discuss human rights openly.
Infrastructure
Analysis
Clean energy targets for the World Bank
This paper questions what the World Bank counts as clean energy and whether it reports on its energy lending in an accountable way. The concerns it highlights demonstrate the need for a far more rigorous and transparent approach, subject to independent monitoring.
IFI governance
Analysis
IMF mandate needs fundamental rethink
The IMF needs to fundamentally rethink its role, and return closer to its original purpose, focussing on three key areas: reform of the international monetary system; surveillance over the policies of systemically important countries; and providing rapid access, conditionality-free finance to countries facing crisis.
IFI governance
Analysis
Analysis of World Bank voting reforms
The World Bank will continue to be overwhelmingly dominated by rich countries, which stunts its legitimacy and limits its capacity to serve the interests of developing countries.
Finance
Analysis
The International Monetary System:
Summary of seminar held at the Civil Society Forum during the 2010 World Bank/ IMF spring meetings.
Accountability
Analysis
Bottom lines, better lives? Rethinking multilateral financing to the private sector in developing co
This report examines MDBs' growing but controversial investments in the private sector in developing countries. It proposes changes to ensure that these investments work for development, rather than serving the interests of foreign investors.
Featured briefings
12 December 2024
The Bretton Woods Observer: Winter 2024
16 October 2024
The Bretton Woods Observer: Autumn 2024
16 October 2024
The lost call for international financial architecture reform in the G20
At the 80th anniversary of the World Bank and IMF, global civil society must maintain pressure on the Brazilian and South African G20 presidencies to ensure the forth Financing for Development Conference in 2025 results in urgently required international financial architecture reform.