DOCX

After the reform of the IMF who is the IMF

By Troy Elliott,2015-07-26 18:02
16 views 0
After the reform of the IMF who is the IMF

    After the reform of the IMF who is the IMF?

    After the share reform, the United States share is reduced from 16.75% to 16.75%, still remain more than 15% of the major decisions veto, this has not been changed.

    Local time on December 18, 2015, the United States congress to pass a new fiscal year budget, including the group of 20 (G20) andthe international monetary

    fund[microblogging](IMF[microblogging]) "in 2010 by the international monetary fund share and governance reforms", U.S. President barack Obama signed on the day of the budget, marked the IMF quota and governance reforms will be officially

implemented.

    According to the IMF's share reform, the foundation of the IMF members share (also represents a vote) will double, from 238.5 billion SDRS, increased to 477 billion SDRS, about 6% of the share to emerging markets and under-represented developing countries, in order to enhance the fund's representative, legitimacy and effectiveness.Among them, China's share will be increased from the original 3.996% to 6.394%, became a member of the second only to the United States and Japan's third largest.India, Russia and Brazil share will also be among the top ten.

    The promotion in this share at the IMF, together with beforeThe yuanIn the SDR, really reflect the enhancement of China's international influence, make a lot of people are excited, a lot of people think that China is the largest beneficiaries of the IMF reform.But still want to keep calm and objective analysis, is not about excited.

    In fact, after the share reform, the United States share is reduced from 16.75% to 16.75%, still remain more than 15% of the major decisions veto, this has not been changed. Since the IMF was founded, clear in its articles of association of the fund share structure and the governance structures of

    major matters, need to be members of more than 85% of the voting rights support to pass, while the United States alone has more than 15% of the vote, which owns exclusive veto on important matters.It also makes us with the IMF firmly control in their own hands, be under the control of the international organization in the United States.Because of this, even if the G20 and IMF board of directors in 2010 by the IMF quota and governance reforms, but cannot be implemented by the U.S. congress has not through, that five years later, still need to get the consent of the congress, a share that reform is finally passed, ironically, even after the share reform, the United States still has significant matters exclusive veto, the hard to avoid puzzling: the IMF exactly is who?If left unchanged, the future of the IMF can effectively promote the major governance reform, there are still a lot of suspense.The dollar is the currency of the international centre, still can control the IMF major reform issues in the United States, the international monetary and financial system reform, I'm afraid it is difficult to effectively promote.

    Expand its share in the IMF, and the currency in the SDR, despite the increase in the international monetary fund must

    voice and influence, but still has more than 15% of the voting rights in the United States (and its Allies Japan share in second place), and the important matters need to more than 85% of the voting rights can support by the absence of reform, and other countries to expand in the IMF's share will be included in the SDR currency, I'm afraid it is difficult to play their role, but may increase more obligation and burden, and at the same time of core increase IMF resources, enhance the international influence, it may increase the difficulty of the international monetary and financial system reform.

    Visible, the IMF's share reform did not touch the core of the problem, the IMF's reform is still a long way.And note, just focus on the reform of the IMF, no approval and support in the United States, I'm afraid it is difficult to have a major breakthrough.Therefore, China should adhere to the "walking on two legs" : on the one hand, strengthen the close communication and cooperation with the IMF member

    countries, the IMF members continue to deepen and perfect the share and the reform of the governance structure, make its real based on share, abundant resources, in line with the "golden group" general governance rules of international organizations;Also, on the other hand, is committed to promote

    the "area" the implementation of the strategic planning, form a complete set to promote "the investment bank", "the silk road fund", "the brics development Banks" and other new type of international financial and fund construction of a new pattern, the new force to promote the reform of the traditional international organizations including the IMF.

Report this document

For any questions or suggestions please email
cust-service@docsford.com