The Real Rot at the IMF
The “Doing Business” controversy has shaken confidence in the World Bank and the IMF. But it must not obscure the real problems with the Bretton Woods institutions: the disproportionate power of the US, the IMF’s deeply procyclical approach, and G7 economies’ unwillingness to enable multilateral bodies to address global problems.
https://prosyn.org/skx0l6q
NEW DELHI – There are many reasons to be critical of the International Monetary Fund and the World Bank, but the legitimacy crisis now confronting both institutions is not based on any of them. Instead, it has arisen for the wrong reasons, and this is serving to reinforce the real problems that have plagued the Bretton Woods institutions’ functioning.