Professor Ngaire Woods comments on need for reform at IMF and World Bank
Date
Share
The G20 leaders need to push for more drastic reforms of the International Monetary Fund and the World Bank to save them from being marginalized by emerging powers, according to Professor Ngaire Woods.
Professor Woods has argued that if the G20 does not change the authority and location of the IMF, the institutions will lose prominence as intergovernmental organizations to other emerging-market-based mechanisms such as the Chiang Mai Initiative. Would Korea ever borrow from the IMF again? I doubt it. Asking G7 what they are prepared to give up is a wrong question. The right question would be what would make it imaginable for the Korean government to turn to IMF again, Woods told The Korea Herald.
