Reform of the International Monetary Fund (IMF) has long been recognised as overdue, given the changes in the global economy. The most important among these is the spectacular rise of emerging markets; besides, capital movements have become the fundamental determinant of the stability of the global financial system. Between 1980 and 2007, for example, global capital flows increased more than 25-fold as compared to an eight-fold expansion in global trade.
These changes have implications for the IMF’s role in the global economy. They have created the need for new structures to govern the IMF and other international financial institutions, more effective financial and multilateral surveillance, and a global lender of last resort.
Here is the full article on Swarajya.