Camdessus urges IMF restructure

03/10/2009

The former chief of the International Monetary Fund (IMF) yesterday sought the immediate restructuring of the Fund to broaden its mandate and ensure more credible reforms.

Michel Camdessus, former IMF managing director and current Honorary Governor of Banque de France, said there must be proper representations in the new body, which he called “Global Governance Group.”

He suggested that the Council of the new entity should have a member coming from emerging economies and not only from major economies “for greater sharing of responsibility and credibility.”

“We must ensure that all countries are represented in all levels of governance in the system, including at the highest end,” he said at the start of the two-day forum hosted by the Asian Development Bank (ADB) here.

Camdessus said the new IMF would have to take into account the countries’ financial issues unlike now that only the monetary issues are being taken into account.

He explained that his proposal was made when the 1997 financial crisis hit the Asian region.

The proposal was considered during that time, he said, but the proposed reforms was forgotten after the region recovered.

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