The world's lender must redefine its role to stay relevant
Globalisation has brought enormous benefits in growth and efficiency. Yet this same force has brought cross-border financial crises and heightened the imperative to bring into the mainstream those who are being left behind.
Shortly after becoming International Monetary Fund managing director in 2004, I initiated a strategic review aimed at determining whether the fund is fully prepared to meet the challenges and crises of today and the future. When the review is released next week it will call for adjustments that will give greater focus to the fund's work and ensure the IMF can help allmember countries face the challenge of integrating into the global economy.
The review suggests that some of the IMF's activities be scaled back, specifically through: streamlined work on standards and codes and financial sector assessments, a more focused approach to its role in low income countries, closer collaboration with the World Bank and spending less time on procedures and documentation. The new proposals also include an effort to deepen the analysis of globalisation, to broaden our research into the dynamics of capital account liberalisation and assess how best to achieve the UN ???-Millennium Development Goals.
Redefining the fund's mission is inseparable from reassessing IMF governance. The fund's legitimacy as a global organisation rests on fair representation for all members. The current allocation of quotas - capital shares in the IMF on which voting rights are based - puts this legitimacy at risk in many regions, including in Africa, where the fund is heavily engaged, and in Asia, whose place in the world economy has grown far more than its role in the fund. The issue touches on the interests of many stakeholders but it must be addressed. The reallocation of quotas is not a zero sum game if it results in an IMF with widely held legitimacy and ownership.
Over the past decade the fund has been pulled in new directions: devising and overseeing complex crisis prevention initiatives, contributing to the effort to combat the financing of terrorism and money laundering, and playing a role in poverty-reduction strategies. This accretion of new mandates occurred as old mandates remained unchanged. But many of the initiatives of the past decade have evolved into diffuse, resource-intensive operations.
The strategic review aims at preparing for key, yet unpredictable, challenges. The fund has already taken the lead in calling for concerted action to address global current account imbalances. In future, the nature of the imbalances may change but the IMF must stand ready to help its members anticipate them and respond quickly.
Thus, work analysing and advising on global trends and developments in individual countries must be strengthened and reoriented. More resources will be devoted to global and regional issues, even as our regular country work is refocused on the most pressing macroeconomic issues. More attention will be paid to the cross-border implications of country policies and long-term trends such as ageing and energy demand. Country work will be more closely aligned with analysis of capital markets and financial systems. Even greater progress on transparency is essential, not least for the promotion of strong institutions in all countries.
The IMF's lending has to take account of the evolving needs of the membership. For the emerging market countries, there is an unmet demand for insurance against large and volatile capital flows; this will require careful examination by the whole international community. Meanwhile, the needs of low income countries are becoming more differentiated: some require debt relief, others concessional financing, and others just policy advice and support. More must be done to meet these needs effectively. However, the IMF's work in low income countries is overloaded with procedures that absorb substantial resources yet yield questionable gains. This work must be streamlined to ensure the needs of poverty reduction are met.
The IMF's mandate has evolved considerably since it was set up after the second world war and the great depression. This evolution has been guided by the needs of an international community committed to multilateral co-operation. As we address the challenges of our rapidly globalising world, change is essential if the fund is to remain relevant. There are difficult choices to make but with the commitment of our membership it should be possible to agree on a common vision. The IMF stands ready to remain an adviser and a close partner with member countries.
The writer is managing director of the International Monetary Fund
IMF不能落伍
全
球化给经济增长和效率带来了巨大益处，但这股力量也带来了跨国金融危机，还增加了让落后国家融入主流的紧迫性。
就在我2004年成为国际货币基金组织(IMF)总裁后不久，我发起了一次战略评估，旨在确定国际货币基金组织是否做好了充分准备，以迎接今天和未来的挑战。这份于下周发表的评估将呼吁进行调整，调整措施将更关注本机构的工作，并确保本机构能帮助所有成员国迎接融入全球经济的挑战。
该评估建议，缩减国际货币基金组织的某些活动，具体措施是：精简标准与准则方面的工作及金融业评估；用更集中的方式在低收入国家发挥作用；与世界银行(World Bank)更紧密合作，减少在程序和文件上花费的时间。新建议还包括：努力深入分析全球化，拓展对资本账户自由化动态的研究，评估实现联合国千年发展目标(UN Millennium Development Goals)的最佳方法。
重新定义本机构的使命，与重新评估本机构的治理不可分割。国际货币基金组织作为一个全球性组织，其合法性基于公平代表所有会员国。基金组织的投票权由各国的资金比例决定，而目前的资金份额分配，使其合法性在许多地区都面临风险，包括非洲和亚洲，本机构与非洲关系密切，而亚洲在世界经济中的地位，已远超过其在本机构内的作用。该问题涉及到许多利益相关方，但必须得到解决。如果份额的重新分配让国际货币基金组织的合法性被广泛接受，让更多国家拥有所有权，那么这种分配就不是一场零和游戏。
过去10年，国际货币基金组织被拖进了新的方向：设计并监督复杂的危机预防方案，帮助打击恐怖主义的融资和洗钱活动，以及在减贫战略中发挥作用。这些新任务增加的同时，旧使命仍维持不变，但过去10年间的许多方案，都演变成了分散的、资源密集型行动。
战略评估旨在为关键、却不可预知的挑战做准备。本机构已带头呼吁，采取一致行动解决全球经常账户失衡问题。失衡的性质将来可能改变，但国际货币基金组织必须做好准备，帮助成员国预见变化和快速反应。
因此，必须加强和重新定位对全球趋势和个别国家动向的分析和建议。在我们的常规国家工作重新关注最迫切的宏观经济问题时，还要在全球和区域性问题上投入更多资源。我们将更关注国家政策的跨国影响，以及老龄化和能源需求等长期趋势。国家工作将与资本市场和金融体系分析更紧密结合。必须在透明度方面取得更大的进展，特别是要在所有国家推广强有力的制度。
国际货币基金组织的贷款，必须考虑到各成员国需求的不断变化。新兴市场国家免受庞大而波动性强的资本流动冲击的需求还没有得到满足，这需要整个国际社会的仔细审查。与此同时，低收入国家的需求正变得愈来愈迥异，一些国家需要债务减免，另一些需要优惠贷款，还有些只需要政策建议和支持。要有效满足这些需求，有更多工作必须做。但本机构在低收入国家的工作程序过多，吸收了大量资源，取得的成效却值得怀疑。必须精简这项工作，以确保满足扶贫需求。
国际货币基金组织于二战和大萧条后设立以来，其任务发生了相当大的演变。致力于多边合作的国际社会的需求，指引着我们演变的方向。在面对迅速全球化的世界的挑战时，如果我们仍想不落伍时代，变革就是必需的。做抉择是困难的，但只要有成员国的参与，就应可能达成共识。国际货币基金组织已做好准备，继续担任各成员国的顾问和亲密合作伙伴。
此文是国际货币基金组织总裁拉托为英国《金融时报》专门撰写的。
