[autom.vertaling] Debat over hervorming van het IMF (en)

The International Monetary Fund (IMF), which was set up following the Second World War, has gradually abandoned its original role in order to concentrate on structural adjustment policies. Today, however, the IMF is trying to reform and refocus. On Tuesday MEPs and invited experts discussed the issues of this reform at a joint hearing of the EP Committees on Economic and Monetary Affairs and Development.

Augustin CARSTENS, Deputy Director-General of the IMF, explained that the reform was needed to meet macro-economic challenges and integrate low-income countries into the world economy. The reform now under way will enable the organisation to redirect its work towards monitoring the economic situations of countries, with an increasingly "regional" dimension.

"The IMF's instruments must be tailored and adapted to the situation of each of the organisation's member states". On the question of voting within the organisation, where the rule "one dollar, one vote" still prevails - thus giving an advantage to the United States as the biggest contributor - a compromise must be found as this is "affecting the IMF's effectiveness".

Ngaire WOODS of Oxford University argued that "the organisation is anachronistic and redundant". It no longer has the resources to respond to a financial crisis and now concentrates its actions on low-income countries. The Asian countries no longer have any faith in it and are creating their own foreign currency reserves. As to the strategic review, she regretted the lack of "analysis of the social impact of structural adjustment policies, which can have dramatic consequences".

Mario CAFIERO, a member of the Argentine Congress, said his country had signed 14 agreements with the Fund between 1976 and 2003. He called for "a debate on the Fund's joint responsibility which does not throw all the blame on to Argentina" for its present economic situation.

Benoît HAMON (PES, FR), rapporteur for the Economic Affairs Committee, praised the Fund's increasing transparency and openness to parliaments and civil society. At the crossroads between its traditional approach of macro-economic intervention and the need to get involved in development policy, the IMF is in a very special situation, he stressed. The "conditionality" aspect of its loans, which has led the IMF to extend its influence to all public policies (health, education, labour market), has now brought it into conflict with other UN special agencies (ILO, UNCTAD, UNDP), he added. As to the voting system, he said "the EU holds one of the keys: a single seat for the Union" and "the European Parliament must ensure that the EU speaks with one voice". Lastly, he insisted on the need for regular contact between the European Parliament and the IMF.

Anders WIJKMAN (EPP-ED, SE), for the Development Committee, said the reform of the IMF had arrived at just the right moment. "How can the IMF help reduce poverty, which must remain the organisation's main objective?" Low-income countries need macro-economic advice but this must take account of the Millennium Development Goals.

Jean-Louis BOURLANGES (ALDE, FR), for Parliament's International Trade Committee, backed the idea of a "single electoral college for the EU, where progress still needs to be made to arrive at a situation parallel to that of the WTO". If a single college proved impossible - the IMF can only accept states as members - "a shareholders' pact" could be envisaged, preserving the membership of each Member State while demonstrating a joint determination to act and ensuring greater clout. On the role of the IMF, he regretted that the organisation only indirectly targeted the cause of development. Lastly, he proposed strengthening ties between the EP and the IMF, on the lines of those existing with the World Bank.

29/11/2005

Public hearing - Strategic review of the International Monetary Fund

Committee on Economic and Monetary Affairs and the Committee on Development

Rapporteur: Benoît Hamon (PES,FR)

Draftsman: Anders Wijkman (EPP-ED, SE)