With nominations for the next International Monetary Fund (IMF) leader now in, campaigners including Christian Aid, ActionAid and the Bretton Woods Project are demanding that the candidates debate each other publicly.
The organisations also want candidates to answer questions on ending Europe’s dominance of the IMF, supporting financial sector reform, curbing volatility and acting in the interests of the ordinary people who are most affected by IMF actions.
The questions that campaigners want candidates to answer are:
1) Reforming the IMF
a) Will you strongly support the introduction of double majority decision making for all decisions at the IMF, to strengthen consensus decision making and give greater voice to small and low-income countries?
b) How exactly would you reform the appointment processes for all IMF management positions – and how would you recruit deputy managing directors so that the 2009 commitments are kept?
2) Taming financial markets
a) How will IMF staff under your watch work towards global rules that curb excessive private risk-taking and ensure that finance serves the real sector?
b) How will you back the efforts of national authorities to control volatile capital flows so they can contribute to long-term sustainable and equitable growth?
3) IMF role in developing countries
a) Will you commission an independent external review of IMF financial programming and the distributional impacts of IMF conditions, with specific focus on unemployment, pro-poor growth, gender outcomes and inequality?
b) Will you support the use of excess windfall profits from the sale of gold for non-debt-creating and non-conditioned assistance for low-income countries?
4) Reform of the international financial architecture
a) How do you plan to work with major IMF shareholders so that they see it is in their interests to move, over the medium term, to a truly global reserve currency system with more stable exchange rates?
b) Will you support the creation of a fair and transparent arbitration process for sovereign debtors, one which is independent of all creditors, including the IMF, and not biased towards protecting only creditors’ interests?