The division between (a) Fund members expected to dispense with the Fund’s services as a financial intermediary or provider of a ‘good house-keeping’ seal of approval to catalyse other lenders and (b) other countries, (developing countries and more recently, former Soviet Union and Central European countries) has decisively reduced the institution’s influence over the former group of countries. The Fund’s analytical competence and the information which it can supply could restore its lost influence over the former group of member countries. This purpose could be promoted by improvements in Fund organs and through the intensified exchange of senior staff between the Fund and member countries.


Central Bank Executive Director Member Country Vote Power Exchange Rate Change 
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  1. IMF (1970) ‘The Role of Exchange Rates in the Adjustment of International Payments’, a report by the Executive Directors (International Monetary Fund, Washington, DC).Google Scholar

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© UNCTAD 1996

Authors and Affiliations

  • Alexandre Kafka

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