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Research On The Reform Of Decision-making Mechanism Of International Monetary Fund

Posted on:2011-12-13Degree:MasterType:Thesis
Country:ChinaCandidate:Q X ZhangFull Text:PDF
GTID:2166360305473103Subject:International Law
Abstract/Summary:PDF Full Text Request
The International Monetary Fund (referred to as IMF) is currently deeped into a very awkward positionafter after 60 years of development.The rapid movement of large-scale and cross-border capital, the financial innovation products, the global financial crisis make the IMF more important than ever, the sharp struggle on the distribution of decision-making power make IMF difficult to exercise its function fully.The key response to this dilemma is the reform of the mechanism of the IMF decision-making and establish a fair, scientific and efficient operation mechanism.The reform of the IMF decision-making mechanism must be a slow, gradual improvement, not a overnight reform.National interests and national power is the decisive factor in the development of international relations.The imf is carrying weighted voting system and Majority voting system now, because the US and other Western countries in the IMF share the absolute advantage of the quato distribution,so they can reject all of the Reform of their unsatisfied, IMF actually become a Western countries' tool to control and dominate the world,the credibility and cohesion of IMF has been weakened.Although China, India and other emerging market countries' economic power have been significantly Strengthened, but it still can not change the privileged position of those developed countries fundamentally now, therefore, the right target of the reform of the IMF decision-making mechanism should be to weaken the dominate effect of developed countries progressively and moderately and improve the impact of the developing countries relatively,but not to abolish the weighted voting system that Concern those developed countries' fundamental interests.Not only to expand the impact of the developing countries but also to give consideration to the interests of developed countries,so this reform must be a crashed and coordinated process between a variety of complicated relationship, those ideas avoiding eagerness for quick results are not feasible.The core of the reform of IMF is the adjustment of the Power to make decision.I think that, in addition to the basic approach of expanding the total amount of IMF' funds and the increase the advantage of those developing countries, particularly emerging market countries, setting up a preposition procedure for discussion and reform the structureof the IMF Executive Board is also contribute tothis goal.the preposition procedure for discussion is to resolve vote on one-time consultation to "two-step,"firstly,any sovereign has her right equally to submit their question or concern to the Board of Executive Directors or the Council and all the member States make their decision in accordance with the principle of one-country-one-vote;Secondly,the council make the final review and voting according to the weighted majority voting system,which helps the developing countries to maximize their interests and concerns into the IMF's decision-making process,and enhance the voice of developing countries; the reform on the regional composition, production methods and selection criteria of the IMF Executive Board members including the IMFPresident is conducive to change the situation that Western developed countries control the IMF Executive Board and help to guide the IMF in right direction, to maintain the fair.The important aspect of the reform of IMF is the strength of the implementation of IMF' policy in fair.Despite the IMF agreement regulates various punitive measures,but compared with the dispute settlement mechanism of the World Trade Organization,these measures have obvious "Soft international law "feature,the performance of the feature include the general on the law, the deficient on the measure, the lack of a clear ruling institutions, more importantly,these measures are applicable in developed and developing countries obviously unequally,even intervent the economic sovereignty of developing countries.I think that IMFshould study the experienceoftheWorld Trade Organization' mechanism on the settlement Of dispute,which includes the establishment of a clear settlement body, the enforcement of these measures,the limit on the time of discussion and withdraw,the improvement of accuse system and so on.Our country should act according to ourself s ability to participate in the decision-making mechanism reforms and reinforce the coordination with other developing countries. Our country is disproportional in the quato and influence of our country in IMF is disproportional with being enhanced strength, it is unbeneficial to strengthen the ability and effect of harmonizing international financial order. China needs to expand effect in making policy in IMF which based on our country' objective need and real national conditions,developing our country' political and economic power is the basic factor. Although total economic strength of our country has been developped gradually,but the world political and economic pattern can not be overturnned today therefore, our country must reinforce and the extensive cooperation with other developing countries, put aside minor differences so as to seek common ground,the influence of overall system of developing countries in IMF can be enhanced.
Keywords/Search Tags:IMF, Progressive Reform, Replenishment and Adjustment, Coordination
PDF Full Text Request
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