Summary of proposals to reform the system of international institutions

SUMMARY OF PROPOSALS TO REFORM THE SYSTEM OF INTERNATIONAL INSTITUTIONS Compiled by the UBUNTU Forum Ad Hoc Secretariat Main Author: Núria Molina December 2002 UBUNTU WORLD FORUM OF CIVIL SOCIETY NETWORKS The aim of this paper, which gathers some of the most important proposals made to reform the system of international institutions, is to form a starting point for reflection on these issues. Due to time and space constraints, it is a non-exhaustive summary, and all suggestions regarding other works not referred to in this paper and which might contain relevant proposals for reform are welcome. The Ad Hoc Secretariat does not necessarily endorse all proposals listed in this paper. SUMMARY OF PROPOSALS TO REFORM THE SYSTEM OF INTERNATIONAL INSTITUTIONS Compiled by the UBUNTU Forum Ad Hoc Secretariat Main Author: Núria Molina December 2002 UBUNTU WORLD FORUM OF CIVIL SOCIETY NETWORKS UBUNTU is an age-old African term for humaneness - for caring, sharing and beign in harmony with all of creation. As an ideal, it promotes co-operation between individuals, cultures and nations. Published by: Ad Hoc Secretariat of the UBUNTU Forum Manel Manonelles Lluís Miret Núria Molina Oscar Sahun Josep Xercavins - Coordinator Authors: Ad Hoc Secretariat of the UBUNTU Forum. Main author: Núria Molina Design: Alba Mengual Production: Silvia Urbán Copyright: Ad Hoc Secretariat of the UBUNTU Forum. This document may be reproduced partially or in its entirety, on condition that this copyright is quoted. Legal deposit: B.26418-2004 First edition, May 2004 This publication has been possible thanks to the support and financing of Culture of Peace Foundation, Technical University of Catalonia, Open University of Catalonia, Generalitat de Catalunya, Diputació de Barcelona and Barcelona City Council. Federico Mayor c/o Josep Xercavins i Valls Ad Hoc Secretariat of World Forum of Civil Society Networks - UBUNTU Technical University of Catalonia Jordi Girona, 29 Nexus II Building Barcelona 08034 (Spain) Telf. 0034 93 413 77 73 Fax. 0034 93 413 77 77 E-mail: [email protected] http://www.ubuntu.upc.edu http://www.reformcampaign.net http://www.reformwatch.net TABLE OF CONTENTS 1. Proposals by International Organisations----------------------------------------------------- 1.1 United Nations Initiatives----------------------------------------------------------- 1.2 Bretton Woods Institutions Initiatives--------------------------------------------- 2. Intergovernmental and Governmental Initiatives------------------------------------------- 3. Proposals by Ad Hoc Groups-------------------------------------------------------------------- 4. Civil Society Initiatives-------------------------------------------------------------------------- 4.1 UN Reform----------------------------------------------------------------------------- 4.2 Economic Democracy: International Financial and Trade Institutions Reform-------------------------------------------------------------------------------------- 4.3 International Justice----------------------------------------------------------------- 5. Proposals by the Academia--------------------------------------------------------------------- page 5 page 1 page 2 page 3 page 4 page 8 page 8 page 9 page 11 page 12 DETAILED TABLE OF CONTENTS 1. Proposals by International Organisations--------------------------------------------------------------- 1.1 United Nations Initiatives----------------------------------------------------------------------------------------------- Boutros Boutros-Ghali, 1995 Kofi Annan, 1997 UNDP, 1999 UN and Inter-Parliamentary Union, 2000 UNDP, 2002 Kofi Annan, 2002 1.2 Bretton Woods Institutions Initiatives--------------------------------------------------------------------------------- James Wolfensohn, 1997 James Wolfensohn, 1998 2. Intergovernmental and Governmental Initiatives----------------------------------------------------- South Centre, 1996 UN General Assembly, 1997 Ministerial Declaration of the Group of 77, 1997 The International Financial Institution Advisory Commission The Meltzer Report 3. Proposals by Ad Hoc Groups------------------------------------------------------------------------------- Stockholm Initiative, 1991 Commission on Global Governance, 1994 Erskine Childers and Brian Urquhart, 1994 Independent Working Group on the Future of the UN, 1995 High Level Expert Panel on Financing for Development, 2001 Global Financial Governance Initiative 4. Civil Society Initiatives------------------------------------------------------------------------------------- 4.1 UN Reform----------------------------------------------------------------------------------------------------------------- International Network For A UN Second Assembly, 1985 Campaign For A More Democratic UN, 1989 Campaign for UN Reform, 1992 World Federalist Movement, 1992 Charter 99, 1999 Toda Institute for Global Peace, 2002 4.2 Economic Democracy: International Financial and Trade Institutions Reform--------------------------------- The Halifax Initiative Bretton Woods Project 50 years is enough World Economy, Ecology and Development Jubilee, 2002 Oxfam Great Britain, 2002 4.3 International Justice----------------------------------------------------------------------------------------------------- Coalition for the International Criminal Court Amnesty International 5. Proposals by the Academia-------------------------------------------------------------------------------- David Held, 1995 Ngaire Woods, 1998 Dani Rodrik, 1999 Global Economic Institutions, 1999 C.L. Gilbert and C. Vines, 2000 Centre for global Studies, 2000 Transnational Institute, 2000 World Institute for Development Economics Research, 2001 Joseph Stiglitz, 2002 Vikash Yadav, 2002 page 5 page 5 page 6 page 7 page 9 page12 page12 page 13 page 14 page 16 11.. PPRROOPPOOSSAALLSS BBYY IINNTTEERRNNAATTIIOONNAALL OORRGGAANNIISSAATTIIOONNSS 11..11 UUNNIITTEEDD NNAATTIIOONNSS IINNIITTIIAATTIIVVEESS Boutros Boutros-Ghali: "Democracy: A Newly Recognized Imperative", Global Governance 1, 1995. Democracy in the international community of states remains at a very rudimentary stage. It is generally accepted but still largely unapplied. Sovereignty rather than democracy has been the guiding principle in the history of the international system of states. However, the norms, practices and values of democracy should be extended to the international arena because it is beyond the capacity of any one state acting on its own and providing all the services and protection that its citizens require. The question that arises is: Could action taken by the international community extend democracy beyond the frontiers of the sovereign state to cover those actors and forces that are, at present, beyond the bounds of democratic accountability? The Time has come to move forward to democratise the international system at all levels of state and nonstate involvement. Kofi Annan: "Renewing the United Nations: a Programme for Reform", Report of the Secretary General, 14 July 1997. Resolution Adopted by the General Assembly on 14 November 1997. Strengthening leadership capacity in the Secretariat: establishment of the position of Deputy Secretary-General; establishment of a Senior Management Group. Enhancing strategic direction from the General Assembly. Increasing administrative effectiveness and efficiencies. Reaching out to civil Society. Assuring financial solvency. Promoting sustainable development as a central priority of the United Nations. Addressing the need for fundamental change through: refocusing the work of the General Assembly on issues of highest priority; establishment of a ministeriallevel commission to examine the need for fundamental change through review of the Charter of the United Nations; "Millennium Assembly" and "People's Assembly" to be held in the year 2002. United Nations Development Programme (UNDP) Human Development Report 1999. Chapter 5 - Reinventing global governance-for humanity and equity Reinventing global governance is not an option it is an imperative. Key priorities: putting human concerns and human rights at the centre of international policy and action; protecting human security; narrowing the extremes of inequality between and within countries; increasing equity in negotiation and structures of international governance; building a new global architecture for the 21st Century. Proposals: -Amore coherent set of international principles: economic, social and cultural rights as well as political and civil ones; The goals and commitments of the global conferences of the 1990s; democratic and equitable governance, globally and nationally; The WB and IMF need to explore how these principles are brought into their policies/operations. -Develop a global code of conduct for multinational corporations and a global forum for their monitoring. -Reducing financial insecurity and preventing future financial crisis: removing the requirements that countries liberalize capital accounts as a condition for borrowing; incorporating standstill provisions into the rules for borrowing form the international financial institutions.-Protecting people. -Controlling global crime. -Promoting public-private partnerships. -Narrowing global gaps: there should also be redistribution at the international level through development cooperation. The United Nations and Inter-Parliamentary Union in 2000 convened a "Conference of Presiding Officers of National Parliaments" at UN Headquarters immediately before the Millennium Summit. This could be an important step in integrating the voices of parliamentarians into UN processes. AUN Parliamentary Assembly would be modelled on the European Parliament, so the peoples would be represented in it as supporters of democratic political parties. Initially, at least, the delegates would be appointed or elected by the parliaments. The long-term objective is directly elected representation as in the European Parliament. United Nations Development Programme (UNDP) Human Development Report 2002. The Report highlights a number of reforms that could address some of the more obvious imbalances in global decision-making. These include: eliminating the UN Security Council veto, refor5 Proposals by International Organisations ming the selection process for the heads of the IMF and World Bank (currently controlled by Europe and the United States) and new programmes to help the poorest countries better represent their interests at the WTO.evidentes de los procesos de toma de decisiones globales. Entre estos se incluyen: la eliminación del veto del Consejo de Seguridad de las Naciones Unidas, la reforma del proceso de selección de los responsables del FMI y del Banco Mundial (que actualmente dominan Europa y Estados Unidos) y el establecimiento de nuevos programas para ayudar a los países más pobres a que representen mejor sus intereses en la OMC. Kofi Annan: "Strengthening of the United Nations: an Agenda for Further Change", Report of the Secretary General, 9 September 2002. Need for a strong multilateral institution acutely felt in the era of globalization. Much has already been achieved: reforms begun in 1997 led to the Millennium Declaration (time-bound development goals), to greater coherence and fruitful partnerships with non-State actors. But more changes are needed: intergovernmental organs must also change. The General Assembly and the Economic and Social Council need to adapt and the Security Council reform needs new impetus (Open-ended Working Group to examine the reform of the Security Council). A need for a stronger General Assembly. Strengthening of the Economic and Social Council: annual dialogue with the BW institutions and the WTO. Doing what matters: integrating human rights throughout the United Nations system; the United Nations High Commissioner for Human Rights will be strengthened. Working better together: Establishment of a high-level panel to make recommendations to find better ways to organize UN and civil society relationship. Global Compact. 11..22 BBRREETTTTOONN WWOOOODDSS IINNSSTTIITTUUTTIIOONNSS IINNIITTIIAATTIIVVEESS James Wolfensohn, Strategic Compact 1997. This programme is aimed at making the Bank a quicker and less bureaucratic institutions, which is more able to respond continuously to changing client demands and global development opportunities and is more effective and efficient in achieving its main mission, that is, reducing poverty. James Wolfensohn, Comprehensive Development Framework, 1998. In 1998, Mr. Wolfensohn suggested the need for a more integrated approach to development based on a framework articulated and "owned" by the country itself. That vision builds on these ideas: The CDF principles were widely and explicitly accepted by the international community as a basis for achieving greater poverty reduction and sustainable development. A network of CDF focal points within multilateral, bilateral and UN agencies have been meeting regularly on various aspects of implementation. The Bank's President outlined a vision of the Bank as an institution committed to forging closer partnerships with other actors to enhance development effectiveness: representatives from governments, bilateral donor agencies, multilateral financial institutions, academia, non-governmental organizations (NGOs), and other civil society organizations as well as the private sector. 6 Proposals by International Organisations 22.. IINNTTEERRGGOOVVEERRNNMMEENNTTAALL AANNDD GGOOVVEERRNNMMEENNTTAALL IINNIITTIIAATTIIVVEESS South Centre. For a Strong and Democratic United Nations. A south Perspective on UN Reform. Geneva, 1996. South Centre is an intergovernmental organisation composed by developing countries intended to coordinate participation in international forums. Proposals: -UN finance: A thorough review should be carried out of the system of financing the UN by means of voluntary contributions, with the goal of gradually reducing its role until it is phased out; new means of financing the UN, including international levies and taxation, should be established to supplement and eventually supplant the core assessment system. -General Assembly: to enable the General Assembly to take its intended central place in global policymaking and to ensure that there is more democratic participation in deliberations and decision-making procedures. -Security Council: Enhancing the representativeness of the Security Council; ending the power of veto; abolishing permanent seats. -The economic role of the UN: The UN role must be strengthened so that the necessary integrated and holistic approaches can be developed to deal with the increasingly complex set of socioeconomic issues, and so that gradually the necessary coordination of macro-economic policy at the global level can be achieved. In particular, ECOSOC and UNCTAD require protection against forced erosion. -Reforming the Bretton Woods institutions: to place their work and policies within the broader context and framework for development policy estab-lished through the work of the UN and its various mechanisms. This will also involve democratizing the governance of the Bretton Woods institutions and improving transparency at all levels. To deal with these concerns, a major and comprehensive intergovernmental process should be launched at the political level. GA/9228: Assembly President Proposes Increase in Security Council Membership to 24 Adding 5 Permanent, 4 Non-Permanent Members (20 March 1997). Ministerial Declaration of the Group of 77: Principles on UN Reform, 26-9-1997. -The reform process must strengthen the UN's ability to fulfil its role and functions in the development field, with the General Assembly providing the leadership to ensure the fulfillment of the social and economic goals enunciated in the United Nations Charter. -The reform process should not be motivated by the aim of downsizing the United Nations and to achieve savings. -The developmental tasks of the United Nations are of fundamental importance and may not be treated as secondary to its peacekeeping, human rights and humanitarian functions. Managerial measures to reduce overlap of functions, eliminate redundancies and minimize fragmentation are exceedingly important, but must be subservient to the larger goals of the reform process. -The United Nations must carry out its mandated, comprehensive role in the economic and social areas. -The United Nations General Assembly's role in the area of macro-economic policy formulation and coordination has to be strengthened. -The United Nations, by virtue of its universal membership, is the most credible organization for performing developmental tasks. Assumption of some of these tasks, especially economic policy formulation and coordination, by limited groups outside the UN system or by organizations within the UN system with "weighted" means of decisionmaking is not the best way of ensuring equitable economic growth and development. -All reform proposals must aim at giving greater effect to the principles of transparency, pluralism, and democracy which are the unique strengths of the United Nations. -The decision-making process of the Bretton Woods Institutions should be reformed to allow for greater democracy, universality and transparency. -The reform of the Secretariat should proceed with the objective of enhancing the effective implementation of the objectives of the Charter; emphasize the prerogative of the General Assembly in the creation, transfer and abolition. -Financing for the United Nations: Member States must fulfil their legal obligations to pay their contributions promptly. International Financial Institution Advisory Commission. In 1999, the US Congress established a bipartisan International Institutions Advisory Committee to consider the future of the IMF, the World Bank and 7 Intergovernmental and Governmental Initiatives World Economy, Ecology and Development (WEED) At the heart of the reform agenda proposed by WEED lie the calls for institutional reform of the Fund itself, including the democratisation of the Fund's decision-making structures. The report joins an existing chorus of voices calling for restructuring of voting patterns within the Fund which grants the US 17.8 per cent of voting rights and other industrialised nations substantially more power than the debtor nations. However, the report rejects proposals for a one-country-onevote system, preferring a decision-making structure based on a country's population, economic potential and its ranking in UNDP's Human Development Index. Jubilee The Jubilee Framework (January 2002) is a step towards democratising international capital markets. The existence of a framework, enabling any indebted nation to file for a standstill on debt payments; or for her creditors to declare her insolvent, will be a form of regulation of international capital flows; and will discipline both lax lenders and reckless borrowers. Fundamental to the Jubilee Framework is public participation in the proceedings of the court, and in the resolution of crises involving public money. Oxfam Great Britain Jacob Werksman: "Institutional Reform of the WTO", 2002. Proposals: -Greater transparency and participation, particularly from developing country Members, but also from representatives of civil society. -Adoption of more specific special and differential treatment with regard to the timing of filings and the implementation of rulings involving developing countries and provision of more technical assistance for developing countries, and particularly least-developed countries, in bringing and defending WTO disputes. -Improve the external transparency of the WTO. -Reforming the WTO mandate to make explicit that trade is not an end in itself. -More effective coordination between the WTO and other international institutions. -Establishing mechanisms to improve understanding of the linkages between international trade policy and equally important non-trade objectives. -establishing mechanisms to monitor the poverty impact of WTO sanctions. 4.3 INTERNATIONAL JUSTICE Coalition for the International Criminal Court The CICC is a network of well over 1,000 nongovernmental organizations (NGOs) advocating for a fair, effective and independent International Criminal Court (ICC). The International Criminal Court (ICC) is a permanent court capable of investigating and trying individuals accused of the most serious violations of international humanitarian and human rights law, namely war crimes, crimes against humanity, and genocide. Unlike the International Court of Justice, whose jurisdiction is restricted to states, the ICC considers cases against individuals; and unlike the Tribunals for Rwanda and the Former Yugoslavia, created to address crimes committed during these conflicts, its jurisdiction is not situation-specific and is not retroactive. Amnesty International Amnesty International is campaigning for an end to impunity at the international level. To achieve this, the organisation, together with thousands of non-governmental organisations and civil society groups worldwide, is lobbying all governments to take steps to establish an international system of justice, complemented by national systems to bring perpetrators to justice. In particular, Amnesty International is calling on all states to: -Ratify the Rome Statute of the International Criminal Court and enact effective implementing legislation to cooperate fully with the Court. -Enact and use universal jurisdiction legislation for the crimes of genocide, crimes against humanity, war crimes, torture, extra-judicial executions and "disappearances", in order that their national courts can investigate and, if there is sufficient admissible evidence, prosecute anyone who enters its territory suspected of these crimes, 14 Civil Society Initiatives regardless of where the crime was committed or the nationality of the accused or the victim. 14 Principles on the Effective Exercise of Universal Jurisdiction (abstract) -Crimes of universal jurisdiction. -No immunity for persons in official capacity. -No immunity for past crimes. -No statutes of limitation. -No political interference. -Grave crimes under international law must be investigated and prosecuted without waiting for complaints of victims or others with a sufficient interest. -Internationally recognized guarantees for fair trials. -Public trials in the presence of international monitors. -No death penalty or other cruel, inhuman or degrading punishment. 15 Civil Society Initiatives 5. PROPOSALS BY THE ACADEMIA Held, David: Cosmopolitan Democracy: An Agenda for a New World Order, 1995. In this book the authors argue that the form of international regulation that dominated the world for the last forty years no longer exists and that a new world order must be developed based upon the principles of legality and democracy. The book looks at the development of international organisations and suggests that they need reforming so as to be made more accountable and this includes the United Nations. There also has to be a new balance between decisions taken at a local, national, regional and international level. This together forms a new model of cosmopolitan democracy. This idea should also be combined with a new concept of civic participation and citizenship that reflects the redistribution of power at regional and global levels. Woods, Ngaire: “Governance in International Organizations: The case for reform in the Bretton Woods institutions”, 1998. If the IMF and the World Bank are to achieve the standard of good governance they themselves have defined for borrowing members, some reform of the constitutional rules, as well as the decision-making procedure and practices within both institutions is required. More specifically, in order to enhance their own accountability, transparency and members' participation, the institutions need to consider: -Redrawing quotas. -Revitalizing basic votes. -Ensuring that operational decisions are made in an open and recorded way (i.e. not by the practice of consensus on the Board). -Ensuring that clear and impartial rules govern the use of special majorities. -Introducing double majorities where particular stakes or stake-holders need safe-guarding. Rodrik, Dani: “Governing the Global Economy: Does One Architectural Style Fit All?”, JFK School of Government, Universidad de Harvard, 1999. What kind of an international architecture: Need for a global set of institutions that provide regulatory, lender-of-last resort, and safety-net functions. This set of institutions should provide three functions: regulating market behaviour, stabilizing aggregate demand, and redistributing the risk and rewards of market outcomes. Global Economic Institutions (GEI) The Global Economic Institutions (GEI) Research Programme is a research programme funded by the Economic and Social Research Council of Great Britain. The purpose of the programme is to study how existing global economic institutions and regimes operate, and how they might be improved, and whether new institutions are needed. Ten projects began work in 1994, a further six began in 1996, and activities include a number of workshops and conferences. The Programme will run until 1999. Networking services are provided for the programme by CEPR. C.L. Gilbert and D. Vines eds., The World Bank: Structure and Policies, Cambridge, Cambridge University Press, julio de 2000. The World Bank is dedicated to the promotion of sustainable economic development and to poverty reduction throughout the developing world. It faces new challenges as capital shortages are replaced by large but volatile capital flows. The contributors to this volume argue that the Bank's greatest asset is its accumulated knowledge and experience of the development process, and propose that it organize itself around the concept of a Knowledge Bank. They propose a shift in priority, away from lending with conditionality imposed on borrowing governments, towards assistance to governments in devising good development strategies. Part I examines the existing structure of the Bank and considers the World Bank as an institution. In Part II the effectiveness of World Bank assistance is evaluated. Centre for Global Studies, University of Victoria. Rethinking Governance, 2000. The problem is that we do not have a global government and we need a substitute for it - global governance. Better global governance is unquestionably needed. Governance must provide needed public goods. But this cannot be the exclusive purview of governments. Governance is not synonymous with governments. There are many more actors involved today in governance - such as civil society, regional supranational institutions, international organisations, etc. Governments need to see nonstate actors as groups that have power and legitimacy, albeit a legitimacy different from governments and varying according to organizations and issues. In addition, power is seen as unfairly dis16 Proposals by the Academia Proposals by the Academia 17 World Institute for Development Economics Research/United Nations University Deepak Nayyar (ed.): New Roles and Functions for the UN and the Bretton Woods Institutions, 2001. With the collaboration of Amit Bhaduri, Lance Taylos, Yilmaz Akyüz, Richard Falk, Jong-Il You, Joseph Stiglitz, Shrirang Shukla, José Antonio Ocampo, Devesh Kapur. - Reforming the UN: Security Council reforms such as enlarging membership and circumventing the veto; full or partial independent UN financing through some version of the Tobin tax on international foreign exchange transactions or stock market transactions, and some charges on the use of the global commons; Global Peoples Assembly; Economic Security Council; Volunteer Peace Force. - Reforming the IMF and the World Bank: the IMF needs to improve accountability and seek the general interest of peoples and governments and the collective interest of the world economy; the World Bank needs to be transformed into an institutions more concerned with development and to restructure its voting system. - Making the World Trade Organization more democratic. - A new financial architecture to manage global macroeconomics, including inflation control, restoring full employment and stimulating investment and which is designed first of all to deal with crisis management and crisis prevention. It should also support the integration of developing countries into the world economy in a manner that promotes development. - A system of governance for transnational corporations. Stiglitz, Joseph: Globalisation and Its Discontents, New York and London: W.W. Norton & Company, 2002 Stiglitz states that institutional reforms must be undertaken restricting the financial sphere: - Standstills on debt repayment when financial crises occur, giving otherwise healthy firms an opportunity to recover from financial crises. - Special bankruptcy provisions that kick in when exceptional macroeconomic disturbances break out, providing management a chance to restructure ailing companies. - Greater reluctance by the I.M.F. to lend billions in bail out packages. - Improved regulation of banking, including, tributed, with developing countries lacking the scope to argue their case effectively. This effort is not dedicated to those who want to freeze or diminish the role of international organisations. The appropriate route is to improve the governance of the international system. The is an impressive array of good practices and ideas to emulate and adapt in order to improve procedures enhancing participation, transparency and accountability. We should govern at the international level more flexibly, more sensitively, more democratically: all these are points where it is easier to agree on the faults in the way existing institutions operate than it is to find agreement on new structures. It seems unlikely that one model will fit all circumstances. Learning from experiment and experience with different options may be the most promising way forward. Transnational Institute. Annual Report 2000. -Global Economic Justice Programme: -An Alternative Global Economic System - Genuine international co-opera tion based on loose global economic integra tion. - Cancel Third World debt. - Subject transnational corporations to international law. - Close tax havens. - Impose an international tax on financial transactions to alleviate poverty and redress environmental damage. - Institute a universal welfare threshold for all as a right. - Subject international financial institutions, such as the World Bank,regional development banks and the IMF, to democratic control. -Alternative Financial Architecture. - Re-orient finance from speculation to long-term investment in the real economy. - Reduce instability and volatility in global financial markets. - Allow maximum space for national governments to set exchange rate policy, regulate capital movements and eliminate speculative activity. -Democratisation Programme - Globalisation and Democratisation. - Aid for Civil Society Building. - Civil Society as Global Actor. - Towards Substantive, Participatory Democracy. Proposals by the Academia 18 for example, restrictions on speculative real estate lending. - The use of short-term capital controls and "exit taxes" to protect countries against "the ravages of speculators". -Granting more seats at the I.M.F. to countries from poor regions in the global economy. - More open discourse at the I.M.F., the World Trade Organisation, and other international agencies. - A narrowing of focus at the I.M.F. to managing crises, leaving policies of development and transition to other institutions such as the World Bank. - The developed countries and international financial institutions should provide loans enabling developing countries to buy insurance against fluctuations in the international capital markets. - Improved safety nets. - Debt relief and a more balanced trade agenda. Yadav, Vikash: “Reforming the Governance of the IMF”, 2002. Proposals: - Democratizing the governance structure of the IMF will significantly improve the institution and thus enhance the operation of the global economy.- The legitimacy of international rule making organizations can be improved if decisions are achieved through a more democratic framework.- The implementation of a democratic framework for rule making requires a reform of the Fund's "quota regime," as it is the quota regime that mediates the distribution of voting power at the IMF. The distribution of power within the Fund's quota regime must adapt to better represent the increasing weight (and vulnerability) of developing and particularly emerging market countries in an increasingly integrated world economy. 19 20 World Forum of Civil Society Networks - UBUNTU www.ubuntu.upc.edu [email protected] World Campaign for In-Depth Reform of the System of International Institutions www.reformcampaign.net [email protected] Ad Hoc Secretariat Universitat Politècnica de Catalunya Nexus II building Jordi Girona, 29 08034 Barcelona - Spain Tel. +34 93 413 7773 Fax +34 93 413 7777 Promoted by: With the support of: Fundación Cultura de Paz