This is a good thought provoking piece. What do you think? Is it?


21 December 2006 11:59
Has the International Monetary Fund (IMF) become completely irrelevant? Is this world body, set up more than six decades ago to foster global economic stability and help countries facing financial crises, really reforming itself? And will it become more responsive to the aspirations of developing countries?


Is the IMF irredeemably irrelevant? : Mail & Guardian Online

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Firstly, the main purpose of the IMF was to regulate exchange rates, but now the market does that. It was also supposed to give loans to countries experiencing short-term cash-flow problems, but again without the gold standard, this is pretty irrelavant. So it has simply become an emergency loan giver... but the World Bank does that too. Might as well scrap it and have the World Bank take over its functions. The World Bank isn't as obsessed with Neo-liberal ideology, anyway.
But the IMF won't be scrapped.

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