The IMF, World Bank and the WTO
Appendix 2: The Meltzer Commision Report, Preface and Executive Summary
Appendix 2. The Meltzer Commission Report, Preface and Executive Summary PREFACE In the last two decades, large crises in Latin America, Mexico, Asia, and Russian heightened interest in the structure and functioning of international financial institutions. Calls for additional capital for the International Monetary Fund to respond to these crises raise questions about how the Fund uses resources, whether its advice increases or reduces the severity of crises and its effect on living standards. Growth in private lending and capital investment, and the expanding objectives of the international development banks, raise questions about the adequacy and effectiveness of these institutions. Repeated commitments to reduce poverty in the poorest nations have not succeeded. A large gap remains between promise and achievement. Disputes about the functioning of the World Trade Organisation have increased as its role in service industries expanded. Concerns for the environment and the welfare state clash with concerns elsewhere to maintain open trading arrangements, avoid protection, and spur development. Frequent, large banking crises focus attention on financial fragility, inadequate banking regulation, and the role of the Bank for International Settlements and its affiliated institutions. Are financial standards inadequate? How should they be improved? What should be done to reduce the role of short-term capital in international finance? In November 1998, as part of the legislation authorising approximately $18 billion of additional funding by the United States for the International Monetary Fund, Congress established the International Financial Institution Advisory Commission to consider the future roles of seven international financial institutions:...
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