The ongoing review of the IMF, initiated in 2005 by Managing Director De Rato, presents an excellent opportunity to re-examine the role, functions and governance of the Fund. In particular, the objective, scope and conduct of IMF surveillance have been identified as a key area for renewal. In...

The authors examine the institutional and governance framework of modern central banks to determine whether there are lessons that can be applied to the International Monetary Funds' (IMF’s) institutional framework. Such a comparison is appealing for two reasons. First, both central banks and...