ABSTRACT
The times are changing for the International Monetary Fund (IMF). In earlier days, when an IMF programme met with failure, the IMF simply blamed the ineptitude of the host government and got away with it (Sachs 2005: 74). That is no longer possible. Today, the IMF also has to account for its own actions and possible shortcomings. During the last decade or so, circumstances have compelled the world renowned institution to venture on the path of reform. Corresponding initiatives are fully endorsed by ASEM, as expressed notably at the ASEM 8 summit in Brussels on 4 and 5 October 2010 (ASEM 2010: 3). This chapter analyses the present quest for reform at the IMF and ASEM’s role within it. It pays particular attention to the lessons drawn from the Asian financial crisis in the late 1990s.
