A Happier Ending for IMF Reform?

Despite an elegant solution that involved no new commitments of resources, the US Congress last month refused to take up a long-delayed funding proposal for the IMF. But there is also a silver lining here, because disappointment can be turned into renewed opportunity.

NEWPORT BEACH – Despite an elegant solution that involved no new commitments of resources, the US Congress has refused to take up a long-delayed funding proposal for the International Monetary Fund. In the process, it derailed a multilateral agreement that was hammered out back in 2010 – ironically, in the eyes of the rest of the world, with US President Barack Obama’s administration taking a leading role. And it did so at a time when financial disruption in emerging economies is reminding the world of the importance of a strong stabilizing anchor at the core of the international monetary system.

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