The IMF needs ambitious governance reforms, says Columbia University's Jose Antonio Ocampo.
NEW YORK: This month marks the 75th anniversary of the signing of the Bretton Woods agreement, which established the International Monetary Fund and the World Bank.
This has proved particularly important during periods of turmoil, including in the 1970s, following the abandonment of the Bretton Woods fixed-exchange-rate system, and in 2007 to 2009, during the global financial crisis.
Such a network would underpin the “global financial safety net” that has increasingly featured in discussions of international monetary issues. This would be particularly important when there is a significant increase in demand for its resources during crises, because it would effectively enable the IMF to “print money,” much like central banks do during crises, but at the international level.
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