Redefining the role of international monetary fund in the light of the current economic and financial crisis

By any measure, the current economic recession is the worst since the 1930s. The unprecedented global financial and economic crisis that started in 2007 has had a profound impact on the work of international financial institutions. The reform of the international financial system represents an important topic nowadays. The paper proposes far-reaching reforms of the International Monetary Fund in order to address the global financial crisis. The paper analyses reforms covering following areas: lending framework, the IMF’s lendable resources, creation of a new international reserve currency, enhanced surveillance, and governance.