An Evolving IMF
The previous chapter was concerned with the fundamental logic of IMF legitimacy claims and with the institutional structure of the Fund. It showed how the Fund’s authority claims were based on the argument that the institution was appropriately designed for the tasks it was intended to perform. The Fund has historically seen itself as an institution designed to produce solutions to a collective action problem. Its role is to ensure that countries continue to operate in a way that is supportive of a broadly liberal international monetary regime, even when it is inconvenient for them to do so. It is therefore designed to be a technocratic institution in which decisions are made through rational utilitarian calculation of the ‘best’ policy in a particular situation, within the context of a broader set of legally defined reciprocal obligations.
KeywordsEurope Assure Straw Argentina Stake
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