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An ex-IMF expert on reforming global economic and financial governance – livemint.com


Reforming global economic and financial governance – Views – livemint.com

The obvious secretariat is IMF. Unfortunately, IMF suffers the burden of history, and its objectives and governance are still not sufficiently transparent so as to make it widely trusted by emerging markets. Important reforms are needed at IMF, including: 1) Broadening its mandate beyond exchange rate surveillance, which tends to put only emerging markets under scrutiny. 2) Making the Fund self-financing so that it does not have to keep going back to key shareholders (which effectively gives them a veto over IMF activities). 3) Eliminating any country’s official veto power over major decisions. 4) Making the choice of management transparent and nationality-neutral, and 5) Allowing IMF’s agenda to be set by the more representative G-20+.

The Raghuram Rajan Report was another tinkering list

On 5th November, Raghuram Rajan was appointed as by the GOI as advisor to the Indian PM – to advise the Indian PM about the forth coming G-20 meetings. As an ex-IMF man, he is considered to an expert in IMF and other multilateral institutions.

By this time Raghuram Rajan should know that the IMF and World Bank are international only in name. They are Western Clubs – meant for the benefit of the West. There is no other angle to it. Trying to clean these Augean sales is a waste. India should engage with the BRICS countries – and go ahead. India should focus on creating another institution without the West to start with.

At it again …

In his latest media outing, (extracted above), Raghuram Rajan suggests that the Developing World (and India) continue to beat our collective heads at Western altars. Why would the West dilute or allow the Rest to take advantage of structures that the West has created for its own benefit?

Just why?

The Tri Polar Reserve Currency Option

For how long can we continue with our (blind) trust of the West? The Third World, Mr.Rajan needs to take charge of their own destiny, their future – and their money and finances.

Are you upto the job?

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