Reforming the International Monetary System: an Institutional Perspective

  • Jyoti Rahman
  • Ewa Orzechowska-Fischer
  • Redom Syed


The global financial crisis (GFC) drew attention to various imbalances in the international monetary system (IMS), leading to calls for the system to be dismantled. We aim to refocus the debate towards meaningful and achievable action to help guard against future crises. We examine the Group of 20 (G20) and International Monetary Fund’s (IMF) response to the crisis, and argue that the decisive and coordinated response from international policymakers shows that the system is resilient, but needs some maintenance.

Structural changes in the global economy call for structural changes to its guardians. We make the case for reform to the IMF’s governance structures to address the serious legitimacy issues damaging its effectiveness. The system’s evolution must proceed in a timely and responsible way, built around engagement of its key institutions and participants.


International Monetary Fund Global Economy Global Financial Crisis International Monetary System Bretton Wood System 
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Copyright information

© Springer India 2014

Authors and Affiliations

  • Jyoti Rahman
    • 1
  • Ewa Orzechowska-Fischer
    • 1
  • Redom Syed
    • 1
  1. 1.International Finance and Development DivisionDepartment of TreasuryCanberraAustralia

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