Abstract
This chapter considers how a strengthened IMF could play a more central role in the international monetary system by reforms in its financial and operational responsibilities. The chapter examines, in particular, the changes that could be made to allow the IMF’s global reserve asset (SDRs or Special Drawing Rights) to become over time the principal reserve asset of the international monetary system, as intended when the Bretton Woods Agreement was revised in 1978. The chapter notes that this kind of reform would require strong agreement among the major shareholders in the Fund to overcome likely resistance on the part of the United States.
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