A Strategy for IMF Reform


February 7, 2006, 12:00 AM EST
Peterson Institute for International Economics, Washington, DC
Edwin M. Truman (Former PIIE)

Event Summary

The Institute hosted a luncheon meeting February 7, 2006 to release its new study A Strategy for IMF Reform by Edwin M. Truman. The volume proposes a comprehensive agenda of policy and operational changes that will enable the Fund to implement much more effectively its responsibilities for stewardship of the international monetary system. It draws extensively on the major conference on IMF Reform hosted at the Institute September 23, 2005, which received substantial media coverage at the time.

The new study proposes very specific reforms of the IMF across the entire range of its responsibilities, with a special emphasis on major changes in its own governance and in its role vis-à-vis the advanced industrial countries. Individual proposals address the role of exchange rates in the adjustment process, crisis prevention, crisis response, and financing for the Fund itself.

Ted Truman was director of the Division of International Finance of the Board of Governors of the Federal Reserve System from 1977 until 1998, serving as the chief international advisor to Chairmen Paul Volcker and Alan Greenspan throughout this turbulent period. He then became Assistant Secretary of the Treasury for International Affairs until early 2001, playing a key role as a member of the "Committee to Save the World" (as it was called by Time) during the crises of that period. Since joining the Institute in early 2001, he has authored Inflation Targeting in the World Economy and Chasing Dirty Money: The Fight Against Money Laundering.