Further reforming IMF

Comments on Peter Hartcher “Perfect time to reform the IMF”, 17/05/2011, http://www.smh.com.au/opinion/politics/perfect-time-to-reform-the-imf-20110516-1eps7.html?posted=successful

Peter, this is a very good article with excellent insights.

Some reforms IMF could include:

1. to introduce some franchise into the IMF system, by having some regional sub-committees, which have decisive says on their regional economic affairs, perhaps similar to a federation structure. For example, an Asia sub-committee to have more power to oversee Asian economies.

2. The voting rights should incorporate more than existing or past financial contributions, with some sort of the nature of a senate introduced into it. More could be considered.

3. Of course, there should be some automatic redistribution of voting rights according to and in line with changed circumstances.

4. Rotating arrangement for top IMF candidates, by at least broad regions, or the top X number of voting countries, unless they agree to not exercise their rights.

An important is to initiate this sort of reforming discussions in the right circles.