From Prof Daniel D. Bradlow.
Sir, Martin Wolf ("The fund's ancien régime will have to give up its privileges", September 20) proposed reforms for the International Monetary Fund, including increasing management and staff independence but not the necessary corollary to this - making them more accountable.
Currently, the management and staff operate without effective oversight by the executive board and without any clear guidelines on what their responsibilities are and how they are to execute them.
This has adverse consequences not only for the governance of the IMF but also for the governance of their member states. It is also a significant factor in the serious reservations that many IMF "consumer" member states and their citizens have about the legitimacy and efficacy of the IMF.
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