The liberalization of capital movements has deeply affected the IMF's business.
Crises occur with more violence and leave deeper scars.
The Fund has mobilized ever larger rescue packages and yet it has often failed to achieve its stated aims. The new world economy still needs a Fund, but many of its practices must be rethought and its role redefined. Its traditional views of exchange rate regimes and the desirability of unfettered capital mobility no longer correspond to the situation of many developing countries. The answer is not an international lender of last resort. This report presents a detailed proposal for a new IMF, insisting on accountability and governance.