International Financial Institutions and International Monetary System Reform

Abstract

AbstractThis chapter discusses the reforms in the international organisations (IOs). International organisations (IOs) are an integral part of international financial architecture. With the birth of the Bretton Woods Institutions, the international monetary fund (IMF), and the World Bank, in 1944, the role of these international institutions for economic growth and financial stability was acknowledged. Over the years, the reform of the international financial institutions has been recognised. While reforms related to international financial institutions (IFIs) have remained an important focal point of the G20’s discussions, their focus in many summits has also widened to include broader aspects related to the international monetary system. Among the IFIs, the IMF has received considerable attention, with the commitments and discussions spanning across various aspects of the fund including, inter alia, its quota and governance reforms, resource adequacy, surveillance, and lending capacity.