Building a Better SDR
As the International Monetary Fund prepares for its next large-scale issue of special drawing rights, its reserve asset, the time is ripe for reform. At the top of the list of priorities should be eliminating dual IMF accounting and implementing a more equitable system for determining SDR allocations.
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NEW YORK – The G20 has agreed on a new allocation of special drawing rights, the International Monetary Fund’s reserve asset. This is great news: I have long considered the SDR one of the most promising, yet underused instruments of international economic cooperation. But if the world is to make the most of this half-century-old tool, reform is needed.