Bretton Woods Institutions : a case for fundamental reform

In this paper it is argued that there is a need for a thoroughgoing review of the function and policies of the multilateral financial institutions. The IMF must be subjected to full multilateral control and revamped in ways to ensure that it focuses on providing a proper framework for international monetary policy which ensures that the burden of adjustment is shared between deficit and surplus countries and that surveillance and disciplines apply to all countries. The reform of the Bretton Woods institutions must be an integral part of the process of the reform of the United Nations.