Publication

This paper details the efforts that have been made between 2006 and 2007 to reform the governance structure of the International Monetary Fund (IMF) and the World Bank. It focuses, in particular, on efforts to re-evaluate how emerging market economies are represented in the quota formula. It reviews the rationale for reform and how it came to be supported by some of the IMF's largest members including the US and the UK. The paper argues that while there remain substantial differences in the first best options for reform advanced by developed and developing countries, the climate for reform has rarely looked more favorable.