Reforming International Monetary Fund

Following Mexico's liquidity crises and the subsequent 50 billion dollar rescue package for Mexico in early 1995, it was suggested that the IMF should be reformed to allow it raise emergency money from capital markets in order to combat the threat of global financial crises.

The Bretton Woods Project was set up in 1995 to facilitate the work of UK non-government organizations (NGOs) concerned about the social and environmental impacts of World Bank and IMF financing in developing countries. The Project circulates information to NGOs in the UK and across the world, identifies lobbying or campaigning opportunities, organizes meetings with officials and prepares briefings on important issues. It tracks key policy statements and reports, and provides critiques and early warnings.

The IMF is not equipped to deal with new international realities. IMF resources are not suited to dealing with the threat of destabilizing capital flows of a short-term nature. The IMF needs to transformed because of the new environment of globalized financial markets.

The IMF does not need any new powers. It just needs to do its homework better, to listen more closely to all of its members, and to get into a better position to see trouble coming.