Contents

Preface

List of Abbreviations

I.	Introduction
II.	Quotas and Voting Power in the IMF: A System That Calls    for Greater Equity
	Role of Quotas and the Debate on the Quota Formula
	Further Work Toward Correcting Distortions and Enhancing    Equity in Voting Power
III.	Checks and Balances in the Governance of the IMF
	The Executive Board
	The Managing Director
	The Staff
III.	Consensus Decision Making in a Cooperative Institution
	Size and Composition of the Board: A Global Roundtable
	General Approach to Consensus Building in the Board
	Consensus Building and Decision Making in Practice
	Protecting the Consensus Model and Safeguarding the    Rights of Minority Shareholders in the IMF
V.	Enhancing Political Oversight of the International    Monetary System
	The Interim Committee: A Mixed Leadership Record
	The International Monetary and Financial Committee:    Toward More Effective Systemic Oversight?
	The Intergovernmental Group of 24: Cohesion    Weakened by Diverging Interests of Members
	The Group of Five and the Group of Seven:    Leading or Overbearing?
	Competing Interests: The United States, Western Europe,    and Japan and the Asian Region
VI.	IMF Governance in a Crisis: Mexico, 1994–95
VII.	Implications for IMF Governance of the Financial   Climate of the 1990s
	Distinctive Features of the Crises, 1997–99
	Strengthening the Financial Architecture
	Collaboration Between Civil Society and the IMF
	The Pursuit of IMF Transparency
	The Task of Refocusing the IMF
VIII.	An Appraisal of IMF Governance
Appendix I. Voting Majorities in the IMF
Appendix II. IMF Executive Directors and Voting Power
Bibliography