IMF Finally Gets Full U.S. Funding
States and the Chairman of the Federal Reserve are BOTH going to have to certify to the U.S. Congress that the world's five largest economies are committed to enacting these reforms on the IMF.
While this falls way short of what many IMF opponents wanted (no money until the IMF actually implements the reforms), it will not be an easy task to get countries like Germany, France, and the U.K. to agree on all of the U.S. dictated reforms. In this case, it is not likely that Alan Greenspan would certify something to the U.S. Congress that wasn't true.
But perhaps most damaging to the IMF are not the reforms at all. What this last year of debate has demonstrated to the world, whether to IMF supporters or to opponents, is that the IMF is in need of a major overhaul. Thus, there now are the beginnings of calls for a new Bretton Woods conference. Something this policy wonk thinks is long overdue.
The copyright of the article IMF Finally Gets Full U.S. Funding in Political Economy is owned by Bryan Johnson. Permission to republish IMF Finally Gets Full U.S. Funding in print or online must be granted by the author in writing.
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