IMF

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International
Monetary Fund (IMF)
 

IMF logo
Organization type Specialized agency
Abbreviation IWF, IMF, FMI, МВФ ( MWF )
management Kristalina Georgiewa
Gita Gopinath (Chief Economist)
Founded 1st - 22nd Designed July 1944,
founded December 27, 1945
Headquarters Washington, DC
www.imf.org
IMF headquarters

The International Monetary Fund ( IMF ; English International Monetary Fund , IMF ; also known as World Monetary Fund ) is a legally, organizationally and financially independent specialized agency of the United Nations based in Washington, DC , USA .

The main task of the IMF is the granting of loans to countries without sufficient currency reserves that have got into balance-of-payments difficulties . Further fields of activity are the promotion of international cooperation in monetary policy, expansion of world trade, stabilization of exchange rates, monitoring of monetary policy and technical assistance.

The IMF and its sister organization, the World Bank, have their origins in the Bretton Woods system of fixed exchange rates created in 1944 , which was based on the US dollar, the then gold- backed reserve currency . They were planned as international steering instruments with which a repetition of the currency turbulence of the interwar period and the errors of the gold standard from the 1920s should be prevented. Both organizations are therefore referred to as the Bretton Woods Institution . The IMF's lending is tied to economic policy conditions that are intended to ensure the repayment of the loans. Unlike the IMF, the World Bank also grants loans for special projects.

The IMF currently (as of April 2020) has 189 member states whose voting rights are based on their capital share. The Member States with the largest voting shares are: USA 16.51%, Japan 6.15%, China 6.08%, Germany 5.32%, France 4.03%, United Kingdom 4.03% and Italy 3.02% . Of the German-speaking countries, Luxembourg has 0.29%, Austria 0.81%, Switzerland 1.18% and Belgium 1.3%.

In the IMF, decisions have to be made with a majority of 85%. This means that the USA alone and the EU states together have a de facto blocking minority .

history

Against the background of the negative monetary policy experiences in the 1930s, Great Britain ( Keynes Plan ) and the USA ( White Plan ) in particular negotiated a new international monetary system, which finally resulted in the conference in Bretton Woods , a small town in the US state of New Hampshire , has been completed successfully. These negotiations, which were decisive for the reconstruction of the world economic system , lasted from July 1, 1944 to July 22, 1944, when John Maynard Keynes was unable to assert himself with the Keynes Plan he had developed against the White Plan preferred by the USA.

As the institutional center of the new system, the IMF was established in December 1945 by an international agreement. Some previously exclusively national decision-making rights were transferred to him. He started work in May 1946. Its actual operational activity began on March 1, 1947.

Following a resolution by the Bundestag on July 28, 1952, the Federal Republic of Germany joined the IMF on August 14, 1952.

organization

The IMF has around 2,700 employees from 147 countries.

The IMF is headed by a managing director and has the following bodies:

  • Board of Governors ( Board of Governors ), as the highest body consisting of one representative ( Governor ) of each Member State - usually the Minister of Finance or (more rarely) the head of the Central Bank (for Germany currently Jens Weidmann ). The votes are weighted according to the member state, with the quota primarily determining the voting weight of each state.
  • International Monetary and Financial Committee (IMFC) as an advisory body for the Board of Governors, consisting of representatives of the countries or groups of countries represented on the Executive Board
  • Executive Board ( Executive Board ) as a body that carries out the daily business of the Fund. It consists of 24 members. The voting weights of each Executive Director are weighted according to the voting shares of the states he represents.
  • Development Committee ( Development Committee ) as an advisory body for development issues
  • IMF Administrative Court ( IMF Administrative Tribunal ) as the court which decides on labor disputes between IMF and its employees (subject to the working conditions of employees not national labor because of the immunities and privileges of the IMF as an international organization)

Managing directors

This article or the following section is not adequately provided with supporting documents ( e.g. individual evidence ). Information without sufficient evidence could be removed soon. Please help Wikipedia by researching the information and including good evidence.

According to an informal agreement between the US and some Western European countries, the director of the IMF is always a European, while the influential position of First Deputy Managing Director is held by a US American.

List of executive directors (English Managing Director ):

Term of office Country of origin Surname
Beginning end
May 6, 1946 May 5, 1951 BelgiumBelgium Belgium Camille Gutt
August 3, 1951 3rd October 1956 SwedenSweden Sweden Ivar Rooth
November 21, 1956 May 5th 1963 SwedenSweden Sweden Per Jacobsson
September 1, 1963 August 31, 1973 FranceFrance France Pierre-Paul Schweitzer
September 1, 1973 June 16, 1978 NetherlandsNetherlands Netherlands Johan Witteveen
June 17, 1978 January 15, 1987 FranceFrance France Jacques de Larosière
January 16, 1987 February 14, 2000 FranceFrance France Michel Camdessus
May 1, 2000 March 4, 2004 GermanyGermany Germany Horst Koehler
June 7, 2004 October 31, 2007 SpainSpain Spain Rodrigo Rato
November 1, 2007 May 18, 2011 FranceFrance France Dominique Strauss-Kahn
July 5, 2011 September 12, 2019 FranceFrance France Christine Lagarde
October 1, 2019 BulgariaBulgaria Bulgaria Kristalina Georgieva

In 2000, Horst Köhler was the first German to head the IMF. In March 2004, Köhler resigned prematurely after being nominated by the CDU , CSU and FDP as a candidate for the 2004 election of the German Federal President . His successor at the head of the IMF was the former Spanish Minister for Economic Affairs, Rodrigo Rato . He was able to prevail against a number of other candidates (including the Spaniard José Manuel González-Páramo , the Belgian Peter Praet and the Irish Michael Tutty ).

On June 28, 2007, Rodrigo Rato announced surprisingly that he would resign from his office prematurely after the annual meeting in October 2007 for private reasons. Former French finance minister Dominique Strauss-Kahn was elected to succeed him. On May 18, 2011, Strauss-Kahn resigned on charges of rape; the deputy managing director John Lipsky temporarily took over the office. At the end of June 2011, the IMF chose Christine Lagarde as her successor. She took up her post on July 5, 2011. After Lagarde was proposed by the EU heads of state and government as future President of the European Central Bank (ECB) in July 2019, she temporarily suspended her post as IMF President and resigned on September 12, 2019. The American David Lipton carried out the agenda of the IMF President on an interim basis . On August 2, 2019, the finance ministers of the European Union nominated Bulgarian Kristalina Georgiewa as a candidate for the office of managing director. At the beginning of September 2019, the Board of Governors of the IMF approved the abolition of the 65-year-old age limit for appointing executive directors, which had previously been anchored in the statutes. Kristalina Georgiewa, who was 66 years old at the time, was appointed by the Executive Board as Managing Director on September 25, 2019. She took office on October 1, 2019.

Deputy Managing Directors

From 1949 to 1994 there was a Deputy Managing Director , in 1994 three deputy managing directors were introduced and there are currently four deputy managing directors.

List of former deputy managing directors, whereby the first deputy managing directors (English First Deputy Managing Director ) are identified by the addition "(1.sgD)" :

Term of office Surname
Beginning end
February 9, 1949 January 24, 1952 Andrew N. Overby
March 16, 1953 October 31, 1962 H. Merle Cochran
November 1, 1962 February 28, 1974 Frank A. Southard, Jr.
March 1, 1974 May 31, 1984 William B. Dale
June 1, 1984 September 1, 1994 Richard D. Erb
July 1, 1994 January 31, 1997 Prabhakar Narvekar
July 1, 1994 July 31, 1999 Alassane Ouattara
September 1, 1994 August 31, 2001 Stanley Fischer (1.sgD)
February 1997 January 2004 Shigemitsu Sugisaki
December 1999 June 2003 Eduardo Aninat
September 1, 2001 August 31, 2006 Anne O. Krueger (1.sgD)
August 1, 2003 October 2006 Augustín Carstens
February 2, 2004 February 2010 Takatoshi Kato
September 1, 2006 August 31, 2011 John Lipsky (1.sgD)
September 1, 2011 February 28, 2020 David Lipton (1.sgD)
March 12, 2020 - Geoffrey Okamoto (1.sgD)

Deputy managing directors are currently:

  • Geoffrey Okamoto (since March 1, 2020, first deputy managing director)
  • Antoinette Sayeh (since February 25, 2020)
  • Mitsuhiro Furusawa (since March 2, 2015)
  • Tao Zhang (since August 22, 2016)

Other executives

Since the beginning of 2019, the Indian-American economist Gita Gopinath , who previously held the John Zwaanstra Chair for International Studies and Economics at Harvard University , succeeded Maurice Obstfeld as chief economist at the IMF. She is the first woman in this position.

Member States

189 countries are members of the IMF, including all member states of the United Nations except Andorra , Cuba , Liechtenstein , Monaco and North Korea . Kosovo , which is not a member of the UN, joined the IMF in 2009. The island state of Nauru was accepted as the 189th member state on April 12, 2016 .

Member States' shares and voting rights

In October 2010, the G20 finance ministers decided that the voting shares of the 187 member states at the time should be redistributed in favor of developing and emerging countries and that the fund's flexibly available financial resources should be doubled. This was "the most important reform of the IMF leadership since its inception," said the then managing director Dominique Strauss-Kahn . The reforms took effect in January 2016.

According to the statutes of the IMF, its seat must be in the country with the most voting rights.

The voting share of the 18 euro countries is 22.53 percent. The European Commission has proposed that the euro countries pool their votes.

Shares and voting rights as well as governors of the member states with the twenty largest shares of votes (as of April 2020):

IMF member state Share of capital:
SDR
in
millions		 Capital share:
in
percent		 governor Deputy
Governor		 Votes:
number		 Votes:
in
percent
United StatesUnited States United States 82,994.2 17.45 Steven Mnuchin vacant 831,408 16.51
JapanJapan Japan 30,820.5 6.48 Taro Aso Haruhiko Kuroda 309,671 6.15
China People's RepublicPeople's Republic of China People's Republic of China 30,482.9 6.41 Yi Gang Yulu Chen 306.295 6.08
GermanyGermany Germany 26,634.4 5.60 Jens Weidmann Olaf Scholz 267.810 5.32
United KingdomUnited Kingdom United Kingdom 20,155.1 4.24 Rishi Sunak Andrew Bailey 203.017 4.03
FranceFrance France 20,155.1 4.24 Bruno Le Maire François Villeroy de Galhau 203.017 4.03
ItalyItaly Italy 15,070.0 3.17 Roberto Gualtieri Ignazio Visco 152.166 3.02
IndiaIndia India 13,114.4 2.76 Nirmala Sitharaman Shaktikanta That 132,610 2.63
RussiaRussia Russia 12,903.7 2.71 Anton Siluanov Elwira Nabiullina 130.503 2.59
BrazilBrazil Brazil 11,042.0 2.32 Paulo Guedes Roberto de Oliveira Campos Neto 111,886 2.22
CanadaCanada Canada 11,023.9 2.32 Bill Morneau Stephen Poloz 111,705 2.22
Saudi ArabiaSaudi Arabia Saudi Arabia 9,992.6 2.10 Mohammed Aljadaan Ahmed A. Alkholifey 101,392 2.01
SpainSpain Spain 9,535.5 2.00 Nadia Calviño Pablo Hernández de Cos 96,821 1.92
MexicoMexico Mexico 8,912.7 1.87 Arturo Herrera Alejandro Diaz de Leon 90,593 1.80
NetherlandsNetherlands Netherlands 8,736.5 1.84 Klaas Knot Christiaan Rebergen 88,831 1.76
Korea SouthSouth Korea South Korea 8,582.7 1.80 Nam-Ki Hong Juyeol Lee 87,293 1.73
AustraliaAustralia Australia 6,572.4 1.38 Joshua Frydenberg Steven Kennedy 67,190 1.33
BelgiumBelgium Belgium 6,410.7 1.35 Pierre wish Alexander De Croo 65,573 1.30
SwitzerlandSwitzerland Switzerland 5,771.1 1.21 Thomas Jordan Ueli Maurer 59,177 1.18
TurkeyTurkey Turkey 4,658.6 0.98 Berat Albayrak Murat Uysal 48.052 0.95
Other German-speaking countries:
AustriaAustria Austria 3,932.0 0.83 Robert Holzmann Gottfried Haber 40,786 0.81
LuxembourgLuxembourg Luxembourg 1,321.8 0.28 Pierre Gramegna Gaston Reinesch 14,684 0.29

tasks and goals

If a member gets into financial difficulties, they can turn to the IMF for help - the IMF is the lender of last resort . The IMF's unit of account is the Special Drawing Right (SDR).

Under certain conditions , the IMF grants temporary loans to countries suffering from economic problems, e.g. B. Romania (2008), Argentina , Greece and Ireland (2010).

Conditions for granting loans are, for example: reduction in government spending, low inflation , increased exports and liberalization of the banking system.

The conditions imposed on the states in the form of structural adjustment programs (SAP) can, for example, provide for the privatization of public institutions such as savings banks , electricity and water supply, telecommunications, etc., as well as dismissal of certain groups of employees.

In addition, the IMF supports developing countries in Africa, Asia and South America in the development of growth and prosperity concepts and promotes these through direct financial aid from the donating member states. Just like lending, development cooperation is often linked to conditions of good governance (reduction of corruption, democracy, ...) and liberalization.

aims

  • Promotion of international cooperation in monetary policy
  • Expansion of world trade
  • Stabilization of international financial markets
  • Granting short-term loans to compensate for payment deficits
  • Monetary Policy Monitoring
  • Securing ongoing international payments against government restrictions on the free movement of foreign currency
  • technical help
  • Participation in measures of the Monetary Union Financial Stability Act

Means to achieve goals

Each member state is assigned a so-called quota. The following are based on this quota:

  • the payment obligations (in gold, foreign exchange and local currency)
  • the special drawing rights (abbreviation SDR ; drawing on a loan)
  • a country's right to vote in the IMF
  • Extent of lending

If a country experiences financial difficulties, it can seek financial help from the IMF (drawing on a loan). At the request of the IMF, it can buy the currency of another country in exchange for gold or national currency. This is known as a drawing. The use of a loan is linked to certain conditions that the respective country must meet. These are known as structural adjustment programs (SAP).

A SAP could e.g. B. look like this:

  • Government spending cuts
  • Aim of low inflation and an increase in exports
  • Banking liberalization
  • Privatization of public institutions (savings banks, electricity companies, waterworks, telecommunications)

So-called special drawing rights (SDR) have existed since 1969 . A member state has the right to buy foreign currency with the help of the IMF. The Member State may use SDRs to pay for foreign currency. The SDR is a kind of world money in the payment transactions of the central banks.

  • SDRs are allocated in a certain amount.
  • Interest must be paid to the fund for the SDR.
  • SDRs expand international liquidity considerably.
  • Each time the SDR is increased, a check is made to determine whether there is an inflation-neutral demand worldwide.

Example: If z. For example, if Turkey (emerging market) turns to the IMF because it needs foreign exchange to balance the passive current account , the IMF will designate a country - for example the USA - with high foreign exchange reserves. The US then sold Turkey foreign currency for SDR.

Conditionality

Originally, the IMF was designed in such a way that the member states automatically had the right to receive IMF loans if the corresponding conditions existed (e.g. balance of payments problems ). After the Korean War , however, the prices of raw materials collapsed, which triggered balance of payments crises in individual member states. It was at this time that conditionality was introduced; H. the corresponding states no longer had the right to IMF loans; rather, the loans were made dependent on the fulfillment of certain conditions. B. the elimination of exchange controls and the liberalization of trade barriers . The subdivision of loan withdrawals into individual phases was introduced for the first time, with loans to Chile in 1956 and to Haiti in 1958. Each individual phase was made dependent on the fulfillment of conditions that had to be fulfilled during the previous phase. Such conditions were in the respective Memorandum of Understanding set ( "letter of intent"), which had practically contractual nature before.

Conditionality was a US initiative that was initially rejected by other states. These states took the position that the right to IMF loans automatically belonged to the governments concerned, in the spirit of the Articles of Agreement , the founding document of the IMF.

The US executive director vetoed when IMF loan applications did not conform to this idea of ​​conditionality. As a result, IMF loan applicants no longer turned to the IMF, but instead turned to the US first. This introduced conditionality into IMF practice.

borrower

In the “ sterling crisis”, a currency crisis from March to November 1976, the British pound fell from over 2 to 1.56 US dollars despite high standby loans from the other central banks to the Bank of England . Despite the best efforts of Prime Minister James Callaghan , Britain had to seek help from the IMF and promise to meet its requirements.

Up until 1977, developing and developed countries were relatively equally borrowers to the IMF, with Britain , for example, one of the largest borrowers. Until then, conditionality towards Great Britain was not applied (Great Britain was one of the founding states of the IMF). However, that changed after the sterling was devalued several times . For the first time, the IMF was supposed to impose essential conditions on Great Britain such as reducing social benefits and abolishing import controls when it applied for a stand-by loan in 1977 . This led to the fact that from this point onwards the IMF was seen as the "last resort to which one should turn for loans", since this interference in national (economic) politics by other governments (especially the USA, whose Treasury Secretary William E Simon said that countries like Great Britain would break an "international code of conduct" with their economic policies) is seen as very unpopular. Since then, no industrialized country has applied for IMF loans. It was not until 2010 that Greece and Ireland applied for an IMF loan.

According to geography professor Richard Peet, it was only then that the IMF changed from a form of cooperation on exchange rates and international payments , which took place mainly between the industrialized countries , to a form of control of the economic policy of the “ Third World ” by the “ First ” World ". Many experts disagree with this view (sometimes massively) because the IMF is a reflection of its members and their economic circumstances.

rating

The IMF is accused of destroying the existing social systems in many countries through the conditions attached to lending. For critics, "the required austerity programs and cuts in social programs [...] are [...] unreasonable for people in developing countries and [are] harmful to growth."

The winner of the Nobel Prize for Economics and former chief economist of the World Bank, Joseph E. Stiglitz, criticizes the IMF in his book The Shadows of Globalization for what he believes to be a “blind” pursuit of the Washington Consensus and the organization's approach to transforming Eastern European centralized economies into market economy systems. The then chief economist of the IMF, Kenneth S. Rogoff , responded to Stiglitz's criticism in an open letter. William Easterly accuses the IMF of a lack of legitimation and accountability. The cause is the increase in tasks over time, which is not secured by the Bretton Woods Agreement. Easterly also advocates the thesis that the structural adjustment and transformation policy of the International Monetary Fund did more harm than good to the affected economies.

Movements critical of globalization in particular attribute a democratic deficit to the IMF. The IMF is ultimately an instrument of power for the rich industrialized nations, while developing countries have too little influence in the IMF. On the conservative side, this dominance is often justified by the fact that the highly industrialized countries would support the IMF financially more ( money buys votes ). However, as the IMF itself noted in 2001, its own administrative expenses and target corporate outcomes are effectively funded not by the highly industrialized creditor states, but by the debtor states. While in 1982 the debtor states still paid around 28% and the creditor states 72% of the IMF contributions, this ratio was evened out in the 1990s and turned around as early as 2002, so that the debtor states now contributed 75% and the creditors 25%. In 2010, the G20 also agreed to give some emerging economies more voting rights in the IMF; After the quota increases have been paid in by these countries, the revision of the quotas is to be carried out at the 2017 annual meeting.

The accusation of a democratic deficit also concerns support for “pro-Western” and / or anti-communist military dictatorships, especially during the Cold War ; can be mentioned here e.g. B. Mobutu in Zaire , Pinochet in Chile , Ceausescu in Romania , the anti- Goulart Putschists in Brazil etc. The IMF standards are actually indifferent to democratic norms (such as human and freedom rights, rule of law, transparency, labor rights and minimum social standards) insofar as these do not serve as an explicit basis for orientation, and thus, in case of doubt, can even be regarded as obstacles in the implementation of monetary policy goals by means of structural adjustment measures. In defense of the IMF's policy, it is often argued that its measures guaranteed economic stability and that these were a condition of functioning democracies. This contrasts with the numerous factual examples of countries that, previously democratized, became more dictatorial and unstable in the course of the granting of IMF loans.

In connection with the sovereign debt crisis in Greece , which has worsened since 2008 , the IMF has come under pressure. The IMF itself reports errors in bailing out Greece. So you have also bent your own criteria to enable help. The IMF economists Olivier Blanchard and Daniel Leigh found in a working paper that a scientific misconception in some highly indebted countries of the EU has contributed to exacerbating the debt crisis. "Specifically, it was stated that a euro saved through spending cuts would hardly affect the gross domestic product - but in fact it was reduced by 1.5 euros for each euro saved."

The IMF is said to have helped the privileged to enrich themselves at the expense of the general public. There was a list of 2,600 black money accounts held by Greeks at the Swiss branch of the major bank HSBC. “But at this point,” reports attorney and current Speaker of Parliament Zoi Konstantopoulou , the Troika did not put any pressure on. "On the contrary, the IMF representative in the Treasury Department has even advised the officials not to investigate these cases," she learned from witnesses in a committee of inquiry on the subject.

Publications

Since March 2002 the IMF has published the quarterly Global Financial Stability Report , which replaced the previous publications International Capital Markets (annually since 1980) and Emerging Market Financing (quarterly since 2000).

In the foreword to the first edition of the Global Financial Stability Report in March 2002, the then managing director Horst Köhler wrote: “The experience with the rapid expansion of the financial markets over the past decade has underscored the importance of an ongoing assessment of private capital flows, which is also the engine of global capital economic growth and sometimes the center of critical developments. "

Since March 1996, the IMF has published the journal Finance and Development on a quarterly basis .

literature

  • Thomas Gerassimos Riedel: Legal relations between the International Monetary Fund and the World Trade Organization: the organizations and their mutual legal relations in the field of trade and subsidies. Nomos Verlagsgesellschaft, Baden-Baden 2008, ISBN 978-3-8329-3703-4 .
  • Axel Dreher: The lending of the IMF and the World Bank. Causes and effects from a political-economic point of view . wvb Berlin. 2003, ISBN 3-936846-54-5 .
  • Axel Dreher: Does the IMF cause moral hazard? A critical review of the literature. In: Yearbook for Economics . 54, 3 (2003), pp. 268-287.
  • Richard Peet: Unholy Trinity. The IMF, World Bank and WTO. ISBN 1-84277-072-1 , ISBN 1-84277-073-X .
  • Ernst Wolff : World Power IMF. Chronicle of a raid. Tectum, Marburg 2014, ISBN 978-3-8288-3329-6 .

Movies

Web links

Commons : International Monetary Fund  - collection of images, videos and audio files
Wiktionary: IWF  - explanations of meanings, word origins, synonyms, translations
 Wikinews: Portal: International Monetary Fund  - in the news

Individual evidence

  1. ↑ a b c Statement by Kristalina Georgieva on Her Selection as IMF Managing Director ( English ) International Monetary Fund. September 25, 2019. Retrieved October 1, 2019.
  2. ↑ a b IWF: About the IMF: History: Cooperation and reconstruction (1944–71) (English)
  3. ↑ a b IWF, Chronology (1944–2006): IMF Chronology (English)
  4. ↑ a b c IMF Members' Quotas and Voting Power, and IMF Board of Governors. Retrieved April 18, 2020 .
  5. ↑ International Monetary Fund and World Bank Group . Website of the Federal Agency for Political Education. Retrieved May 19, 2015.
  6. ↑ Heinz Handler, 2008: From the Bancor to the Euro. And on to the Intor? ( Memento from January 3, 2014 in the Internet Archive ) Österreichisches Wirtschaftsinstitut, (PDF file, 39 pages; 286 kB) Retrieved on February 5, 2013. (link out of date)
  7. ↑ Law on the Accession of the Federal Republic of Germany to the Agreement on the International Monetary Fund and on the International Bank for Reconstruction and Development ( Federal Law Gazette 1952 II p. 637 )
  8. ↑ Announcement on the accession of the Federal Republic of Germany to the agreements on the International Monetary Fund and the International Bank for Reconstruction and Development ( Federal Law Gazette 1952 II p. 728 )
  9. ↑ a b IMF list of Member States with their entry date: List of Members' Date of Entry (English)
  10. ↑ The IMF at a glance (PDF; 173 kB)
  11. ↑ The IMF at a Glance. Retrieved March 22, 2019 .
  12. ↑ IMF (Ed.): IMF (2010). Quota and Governance Reform - Elements of Agreement. Washington, DC October 31, 2010, p. 44 ( imf.org [PDF]).
  13. ↑ IWF: IMF Managing Directors, A List (English)
  14. ↑ De Rato's resignation from June 28, 2007
  15. ^ Neue Zürcher Zeitung : Strauss-Kahn becomes the new head of the Monetary Fund on September 29, 2007.
  16. ^ IMF Managing Director Dominique Strauss-Kahn Resigns. Press release in: IMF of May 18, 2011.
  17. ↑ IMF boss Strauss-Kahn resigns in: Spiegel Online from May 19, 2011.
  18. ↑ French Lagarde becomes the new head of the IMF in: Spiegel Online from June 28, 2011.
  19. ↑ Lagarde submitted resignation as head of the IMF . ORF.at. July 16, 2019. Retrieved October 1, 2019.
  20. ↑ Kristalina Georgiewa is to become the new head of the IMF . TIME ONLINE. August 3, 2019. Retrieved August 3, 2019.
  21. ^ Clear way for new IMF boss Georgieva . tagesschau.de. September 6, 2019. Retrieved October 1, 2019.
  22. ↑ a b IMF, biographical information on deputy managing directors: Biographical Information @IMF: Eduardo Aninat , Agustín Carstens , Takatoshi Kato , Anne O. Krueger , John Lipsky , David Lipton , Murilo Portugal , Nemat Shafik , Naoyuki Shinohara , Shigemitsu Sugisaki , Min Zhu (English)
  23. ↑ IMF: Senior Officials of the International Monetary Fund (English)
  24. ↑ Christine Lagarde Appoints Gita Gopinath as IMF Chief Economist. In: [1] . October 1, 2018, accessed June 26, 2019 .
  25. ^ Gita Gopinath joins IMF as its first female chief economist. In: The Economic Times . January 8, 2019, accessed June 26, 2019 .
  26. ^ Nauru joins the IMF as 189th member. In: IMF Survey Magazine, April 12, 2016.
  27. ↑ Patrick Welter: The monetary fund is being restructured and strengthened. In: faz.net . October 24, 2010, accessed April 18, 2020 .
  28. ↑ Reforms at the International Monetary Fund come into force. In: rp-online.de . January 28, 2016, accessed April 18, 2020 .
  29. ↑ Wolfgang Pomrehn: Is the IMF moving to China? Telepolis, June 20, 2014
  30. ^ Richard Peet et al.: Unholy trinity: the IMF, World Bank and WTO. Zed Books, London 2003, ISBN 1-84277-073-X , p. 66.
  31. ↑ Cf. G. Schmidt: Great Britain's position after the Second World War. Country report Great Britain (Federal Agency for Civic Education, 1994), p. 7ff.
  32. ^ Richard Peet et al.: Unholy trinity: the IMF, World Bank and WTO. Zed Books, London 2003, ISBN 1-84277-073-X , p. 70.
  33. ^ Klaus-Peter Kruber: International Monetary Fund and World Bank Group. In: Federal Agency for Civic Education: Dossier Financial Markets, January 16, 2012 , accessed on February 12, 2013.
  34. ↑ An Open Letter to Joseph Stiglitz. By Kenneth Rogoff , imf.org
  35. ↑ William Easterly: The White Man's Burden. Why The West's Efforts To Aid The Rest Have Done So Much Ill And So Little Good. Oxford University Press, Oxford 2007.
  36. ↑ attac Germany: "Attac calls for fundamental reform of the IMF".  ( Page no longer available , search in web archives ) (dead); Deutsche Welle: IMF and World Bank. Do politics with debt? Article dated February 23, 2009.@1@ 2Template: Dead Link / www.attac.de
  37. ↑ http://eprints.lse.ac.uk/648/1/ANOR109Leech.pdf , accessed on January 28, 2016.
  38. ^ IMF (2001): Financing the Fund's operations - Review of issues. Washington DC. IMF. 11/04/04 ; P. 20.
  39. ↑ Tim Jones, Peter Hardstaff: Denying democracy. How the IMF and World Bank take power from people . London: World Development Movement, 2005; P. 35.
  40. ↑ Federal Department of Finance (FDF), State Secretariat for International Financial Matters (SIF): News on the International Monetary Fund, March 11, 2016, pdf ( memento of January 9, 2017 in the Internet Archive )
  41. ^ David Van Reybrouck : Congo: The Epic History of a People . HarperCollins , 2012 ,, ISBN 978-0-06-220011-2 , p. 374ff.
  42. ^ World Bank - IMF support to dictatorships . In: Committee for the Abolition of the Third World Debt . Retrieved September 21, 2007. 
  43. ^ Rescuing Greece: IMF admits serious mistakes . In: Handelsblatt , June 5, 2013.
  44. ↑ Harald Schumann : The Troika: Power without control . In: Der Tagesspiegel , February 24, 2015.
  45. ^ Archive of Finance and Development Issues , imf.org, accessed June 29, 2012.


Coordinates: 38 ° 53 '56 "  N , 77 ° 2' 39"  W.