Economists Seek IMF Reform
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.