ABSTRACT
The multi-level governance (MLG) literature has tended to be descriptive in character, drawing our attention to a number of shifts in the nature of governance, particularly within the EU. However, the literature has only just begun to pay attention to more general theoretical questions and to a wider range of institutions. In this chapter I want to determine how helpful the concept of MLG can be in exploring the international monetary regime that centres on the IMF -particularly in relation to conditionality in middle-income countries. I also want to provide some preliminary observations on the factors that have driven the IMF towards a system that resembles MLG and suggest some of the consequences the shift has had for IMF legitimacy.
