Can the IMF be Reformed?
A proposal for a radically disempowered IMF, turned into just another actor co-existing with and being checked by other international organizations, agreements and regional groupings. De los Reyes and Bello argue for international regional institutions to supplant the IMF as a regulator of global finance.
For political reasons, it may prove difficult to abolish the IMF. But it can be disempowered and converted into a research agency tasked with monitoring capital flows. Today’s need is not another centralized global institution but the deconcentration and decentralization of institutional power and the creation of a pluralistic system of institutions and organizations interacting with one another, guided by broad and flexible agreements and understandings. This arrangement would make the IMF just another actor co-existing with and being checked by other international organizations, agreements and regional groupings.
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