by Morris Goldstein, Peterson Institute for International Economics
and Arvind Subramanian, Peterson Institute for International Economics
and Edwin M. Truman, Peterson Institute for International Economics
and John Williamson, Peterson Institute for International Economics
Letter to the US Treasury Secretary-designate Timothy F. Geithner
January 26, 2009
Mr. Timothy F. Geithner
US Treasury Secretary-designate
Dear Mr. Secretary-designate:
The undersigned are encouraged by your responses to questions from the Senate Finance Committee about the Obama administration's position on IMF reform.
We believe that the package of IMF reforms that was agreed to a year ago and submitted to the Congress last November is inadequate, particularly in light of the ongoing global economic and financial crisis. We urge you and the administration to defer its Congressional consideration for now. Instead, we urge you to reopen the package starting in your discussions with other governments in advance of the meeting of G-20 heads of government in London on April 2, 2009.
The IMF's legitimacy and relevance must be substantially enhanced and supported through bold steps to realign significantly voting power in the IMF, to augment the Fund's resources commensurate with the needs of today's globalized economy, to implement the Fund's mandate for exchange-rate surveillance, and to reform, once and for all, the management selection process in the IMF.
We look forward to working with you on these crucial issues.
|Nancy Birdsall||Center for Global Development|
|Colin Bradford||Brookings Institution|
|Ralph Bryant||Brookings Institution|
|Jo Marie Griesgraber||New Rules for Global Finance Coalition|
|Morris Goldstein||Peterson Institute for International Economics|
|Homi Kharas||Brookings Institution|
|Johannes Linn||Brookings Institution|
|Domenico Lombardi||Oxford Institute for Economic Policy|
|Eswar Prasad||Cornell University and Brookings Institution|
|Vijaya Ramachandran||Center for Global Development|
|Liliana Rojas-Suarez||Center for Global Development|
|John Sewell||Woodrow Wilson International Center for Scholars|
|Arvind Subramanian||Center for Global Development, Peterson Institute for International Economics, Johns Hopkins University|
|Edwin Truman||Peterson Institute for International Economics|
|John Williamson||Peterson Institute for International Economics|
Affiliations are listed for identification purposes only.
Op-ed: The G-20 Is Failing April 12, 2012
Book: A Strategy for IMF Reform February 2006
Op-ed: The IMF Should Heed This Resignation July 25, 2012
Working Paper 11-16: Asia and Global Financial Governance October 2011
Working Paper 11-5: Integrating Reform of Financial Regulation with Reform of the International Monetary System February 2011
Policy Brief 10-29: Strengthening IMF Surveillance: A Comprehensive Proposal December 2010
Working Paper 10-14: Reform of the Global Financial Architecture October 2010
Speech: Crisis and Beyond—The Next Phase of IMF Reform June 29, 2010
Testimony: The Role of the International Monetary Fund and Federal Reserve in the Stabilization of Europe May 20, 2010
Op-ed: How the Fund Can Help Save the World Economy March 5, 2009
Policy Brief 07-1: The IMF Quota Formula: Linchpin of Fund Reform February 2007
Paper: What Next for Argentina? February 2004