Constructing the new international financial architecture : what role for the IMF?

Currently, policy-makers, financial analysts, academic economists and others are engaged in intense debates regarding the merits of capital controls, fixed versus floating exchange rate regimes, and dollarization, amongst other issues. Without doubt, the most contentious issue has to do with the role of the International Monetary Fund (IMF). An overview and critical analysis is provided of the debates over the role of the IMF. It is argued that the IMF's role must be enhanced. Given its institutional resources, administrative capacity, worldwide membership, broad experience and technical and policy competence, the IMF can play an important role in coordinating global economic integration and crisis management.