The IMF, World Bank and the WTO
8. Conclusions: The Future Peter Coffey and Robert J. Riley The general overall conclusion to this book is that the reform of the three international institutions, the IMF, the World Bank and the WTO, is both desirable and necessary. Furthermore, this would seem to be a most opportune moment in time to examine this issue and to undertake reform. Having made this observation, it is important to note that whilst there is a general consensus on both sides of the Atlantic that Third World countries should be better represented in the three international organisations and more should be done to help really poverty stricken countries, views do differ on how this should be done. Furthermore, whilst the United States, ever since the publication of the Meltzer Commission Report, has tended to be more active with its proposals for the reform of the IMF and the World Bank, the European Union, has, whilst being concerned with the reform of these two organisations, been particularly concerned with the reform of the workings of the WTO. In fact, it is perhaps notable that in November 2004, the European Parliament issued its third report on the WTO (this report is reproduced as Appendix 3). What, therefore, are the main questions and problems which must be tackled and on which issues is there a meeting of minds between Americans and Europeans? Regarding both the IMF and the World Bank, there would appear to be a consensus that their roles should be more clearly defined. Here,...
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