In the book “The End of Alchemy,” former Bank of England governor Sir Mervyn King reflects on the disappearance of the Bretton Woods order and the decline of post-war institutions like the International Monetary Fund, World Bank, and OECD. Despite this, there is hope for Asia to create its own informal financial network, as suggested by King in 1997.
A debate has been sparked within the IMF, urging for reforms to be implemented by June. The Independent Evaluation Office recently raised concerns about the IMF’s decision-making process. Governance reforms are necessary, as emphasized by former Reserve Bank of India governor, Rajan, to grant more influence to emerging nations within the IMF.
With global crises looming, a reformed IMF could offer stability and a unified response. However, the current structure of the IMF is outdated and in need of overhaul. The hope is that through reform, the IMF can become a unifying force in a world facing complex challenges.
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