The Brookings Institution

For an annual and independent forum that will identify, analyze, discuss, and promote options for international monetary reform

  • Amount $605,347
  • City Washington, DC
  • Investigator Eswar Prasad
  • Year 2009
  • Program Research
  • Sub-program Economics

Multinational financial organizations like the International Monetary Fund (IMF) can sometimes become insular, politicized, ponderous, and unaccountable. That is why Raghuram Rajan from the University of Chicago and Barry Eichengreen from the University of California, Berkeley, plan on establishing an independent "Council on International Monetary Reform" (CIMR) to monitor, advise, consult with, and critique the IMF. These two professors are among the world's most respected and engaged authorities on international financial and monetary economics. The CIMR will consist of fewer than 18 members representing a balanced variety of countries, ideologies, and economic approaches. The grant budget provides for a CIMR planning conference followed by three annual meetings. The Council will interact with senior IMF officials, with attendees at the main IMF meetings each fall, and with the media as well. Establishing this CIMR is just one component of the Sloan Foundation's developing initiative on international financial regulation. The goal of this entire initiative is to inform, prepare, and eventually institute significant reforms of the international financial and monetary system.

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