After high-level talks in May, Chinese vice premier Wang Qishan announced US support for the inclusion of the yuan in the currency basket for the IMF's special drawing rights, the international reserve assets issued by the Fund. While this supports Chinese plans to make the yuan an alternative reserve currency alongside the US dollar and the euro, IMF recommendations for China to speed up the move to convertibility and fully open its capital account have attracted domestic criticism.
Global architecture
IFI governance
News
IMF surveillance not yet integrated
IMF integrated surveillance decision delayed.
Finance
News
Will the IMF "make history" with a new view on capital flows?
In October the Fund is expected to present in October an updated institutional view on capital account regulations. The most recent IMF paper on the topic received criticism for advocating for capital account liberalisation in China and India. Meanwhile emerging economies worry that the Fund's prescriptions still constrain their capacity to cope with global financial volatility.
Finance
Background
Regulating Global Capital Flows for Development
Seminar at the Brookings Institution on capital flows regulations - 19 April
Accountability
Background
UK civil society meeting UK IMF Executive Director Alex Gibbs
Notes of a meeting with UK executive director to the IMF Alex Gibbs in April 2012
Social services
News
IMF in Europe: doomed to fail?
The IMF has scaled back its percentage stake in the Greek loan package but remains assertive in the eurozone, calling for more austerity raising questions over whether periphery nations will play along.
Accountability
News
IEG finds World Bank not well adapted to crisis lending
The final report of the World Bank's Independent Evaluation Group's (IEG, the Bank's arms-length evaluation unit) assessment of the Bank's response to the 2008/09 global economic crisis confirms that Bank measures followed pre-crisis patterns and often failed to reach those most affected, leaving the Bank vulnerable to future crises.
Finance
News
Capital flows: IMF guidelines criticised
The current surge of capital flows to emerging markets continues to challenge the IMF’s historical position regarding capital account regulation and exchange rate policies, with the Fund’s policy framework being criticised by academics and emerging markets.
IFI governance
News
Building alternatives BRICS by BRICS
With the future of the World Bank up for grabs in the presidency race and the IMF facing a resource crunch, many developing countries are pursuing alternatives to the Washington-based lenders, with Brazil, Russia, India, China and South Africa even mooting a joint BRICS Bank.
Finance
News
IMF's approach to financial regulation "behind the curve"
While the IMF's strategic plan for boosting its financial sector surveillance has not been published, the Fund continues to argue that developing countries need more liberal financial systems.
Featured briefings
6 April 2022
The Bretton Woods Observer: Spring 2022
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8 November 2021
IMF surveillance and climate change transition risks
New briefing by ActionAid USA and the Bretton Woods Project highlights research showing that IMF policy advice has undermined a just energy transition since the Paris Agreement was signed.