## Keynes, the IMF, and the Future

_IMF Blog, May 30, 2019_

## Source details

**Canonical URL:** [Keynes, the IMF, and the Future](https://www.imf.org/en/blogs/articles/2019/05/30/keynes-the-imf-and-the-future)

## Other formats

- [Markdown version](/en/blogs/articles/2019/05/30/keynes-the-imf-and-the-future/index.md)
- [Structured JSON version](/en/blogs/articles/2019/05/30/keynes-the-imf-and-the-future/index.json)
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## Bibliographic details
- Authors: Gita Bhatt
- Published: May 30, 2019

---

### Overview and context
- Publication date: May 30, 2019
- Author: Gita Bhatt
- Occasion: Issue of Finance & Development marking the IMF’s 75th anniversary
- Historical reference: Bretton Woods conference; post–World War II economic order; reference to the 44 delegates that created the institution

### Main observations about the IMF's evolution
- The IMF has modernized its toolkit to address new challenges:
  - Tools for analyzing financial risks and external imbalances
  - Engagement on income inequality, corruption, and climate change
- Institutional characteristics noted:
  - Universal membership and diverse staff
  - Female head (Christine Lagarde)
- Technological and geopolitical changes emphasized:
  - New emerging powers and technologies linking countries and markets at light speed
  - Growing economic and political nationalism, fraying of alliances, and sharply declining support for multilateralism

### Intellectual and policy contributions highlighted
- The issue solicits perspectives from leading thinkers on how the IMF should adapt:
  - Martin Wolf, Mohamed El-Erian, and Adam Tooze: how the IMF must continue to change to face new realities and better serve its member countries
  - Keyu Jin: foresees volatility as China integrates fully into global financial markets
  - Pinelopi Goldberg: focuses on the uncertainties around trade
  - Raghuram Rajan: discusses how best to manage growing flows of capital across borders
- IMF Managing Director Christine Lagarde advocates a “new” multilateralism that:
  - Puts people at the center of efforts
  - Ensures governments and institutions work to attain common goals for a prosperous, inclusive, and sustainable future

### Themes and implied policy directions
- Renewed commitment to global economic cooperation in response to nationalism and weakened multilateralism
- Continued adaptation and innovation by the IMF to serve global economic harmony and member needs
- Emphasis on inclusive and sustainable policy objectives centered on people

### Key statistics and factual items preserved from source
- IMF’s 75th anniversary
- IMF membership: 191 countries
- Founding delegates: 44 delegates that created the institution

*Source: IMFBlog post "Keynes, the IMF, and the Future" by Gita Bhatt, May 30, 2019*

---


## References

- [visited the IMF today](https://www.imf.org/external/pubs/ft/fandd/2019/06/lord-keynes-meets-christine-lagarde-ghosh.htm)
- [corruption](https://www.imf.org/external/pubs/ft/fandd/2019/06/globalization-and-drug-trafficking-dell.htm)
- [https://www.imf.org/wp-content/uploads/2019/05/FD-cover.jpg](https://www.imf.org/wp-content/uploads/2019/05/FD-cover.jpg)
- [new emerging powers](https://www.imf.org/external/pubs/ft/fandd/2019/06/new-monetary-system-farhi.htm)
- [multilateralism](https://www.imf.org/external/pubs/ft/fandd/2019/06/imf-and-central-banks-working-together-reis.htm)
- [In this issue of Finance & Development](https://www.imf.org/external/pubs/ft/fandd/2019/06/index.htm)
- [Martin Wolf](https://www.imf.org/external/pubs/ft/fandd/2019/06/the-future-of-the-imf-wolf.htm)
- [Mohamed El-Erian](https://www.imf.org/external/pubs/ft/fandd/2019/06/future-of-IMF-elerian.htm)
- [Adam Tooze](https://www.imf.org/external/pubs/ft/fandd/2019/06/reimagining-the-imf-tooze.htm)
- [Keyu Jin](https://www.imf.org/external/pubs/ft/fandd/2019/06/rise-of-china-jin.htm)
- [Pinelopi Goldberg](https://www.imf.org/external/pubs/ft/fandd/2019/06/the-future-of-global-trade-goldberg.htm)
- [Raghuram Rajan](https://www.imf.org/external/pubs/ft/fandd/2019/06/crossborder-capital-flows-rajan.htm)
- [Christine Lagarde](https://www.imf.org/external/pubs/ft/fandd/2019/06/christine-lagarde-future-of-bretton-woods-straight.htm)
- [inclusive](https://www.imf.org/external/pubs/ft/fandd/2019/06/digital-africa-songwe.htm)
- [Finance & Development Magazine](https://www.imf.org/external/pubs/ft/fandd/)

_Source: https://www.imf.org/en/blogs/articles/2019/05/30/keynes-the-imf-and-the-future_