Tan, Celine (2006) Reclaiming development : streamline the Bretton Woods institutions. In: Remo Bissio, Roberto, (ed.) Impossible architecture : why the financial structure is not working for the poor and how to redesign it for equity and development. Social watch report . Montevideo, pp. 23-25.

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Abstract

The Bretton Woods institutions – the World Bank and the International Monetary Fund (IMF) – are considered “specialised agencies” under the Charter of the United Nations (UN) in 1945 and the terms of their relationship with the UN are spelt out in respective “relationship agreements” entered into between the Bank and the IMF and the UN. Central to these agreements between these international financial institutions (IFIs) and the UN are clauses which respect the demarcation of roles between the respective organizations and the affirmation of the autonomy of IFIs in matters within their specific jurisdictions.

This decision to retain the organizational independence of the Bretton Woods institutions from the UN system, and the maintenance of their different governance structures favouring a small cartel of major industrialised countries, has had significant implications for global economic policymaking and international economic and financial cooperation, as well as on the social and economic development of developing countries. It has also largely prevented the institutions from undertaking the tasks they were originally created for – to provide for a stable and orderly international trade and financial system and to facilitate reconstruction and development.

Item Type:	Book Item
Divisions:	Faculty of Social Sciences > School of Law
Series Name:	Social watch report
Publisher:	Montevideo
Book Title:	Impossible architecture : why the financial structure is not working for the poor and how to redesign it for equity and development
Editor:	Remo Bissio, Roberto
Official Date:	2006
Dates:	Date Event 2006 Published
Page Range:	pp. 23-25
Status:	Peer Reviewed
Publication Status:	Published
Open Access Version:	Publisher

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