Kasinomics

IMFC – International Monetary and Financial Committee

• Institution: International Monetary and Financial Committee
• Abbreviation: IMFC
• Type: Public
• Founded: 1999
• Members Total: 24
• Membership in:
• Membership of: World Bank, IMF
• Description: The IMFC was established on September 30, 1999, by a resolution of the IMF Board of Governors, to replace the Interim Committee of the Board of Governors on the International Monetary System (usually known simply as the Interim Committee), which had been established in 1974. The change signified a strengthening of the role of the primary advisory committee of the Board of Governors. In addition, an explicit provision was introduced for preparatory meetings of representatives (deputies) of Committee members. As the Interim Committee did, the IMFC usually meets twice a year, in September or October before the Bank-Fund Annual Meetings (see the IMFC Documents and the Communiqué from the 2007 Annual Meetings), and in March or April at what are referred to as the Spring Meetings.
  Like the Interim Committee, the IMFC has the responsibility of advising, and reporting to, the Board of Governors on matters relating to the Board of Governors’ functions in supervising the management and adaptation of the international monetary and financial system, including the operation of the adjustment process, and in this connection reviewing developments in global liquidity and the transfer of resources to developing countries; considering proposals by the Executive Board to amend the Articles of Agreement; and dealing with disturbances that might threaten the system.
  The IMFC has 24 members who are Governors of the IMF (generally ministers of finance or central bank governors). The membership reflects the composition of the IMF’s Executive Board: each member country that appoints, and each group of member countries that elects, an Executive Director appoints a member of the IMFC. The group is currently chaired by Mr. Tommaso Padoa-Schioppa, the Minister of Economy and Finance of Italy. He was selected to head the Committee in October 2007 (see press release). A number of international institutions, including the World Bank, participate as observers in the IMFC’s meeting.
• Working Group:
• Outreach:
• Reporting to: IMF Board of Governors
• Website:http://www.imf.org/external/np/exr/facts/groups.htm#IC
• Highest Organ:
• Chair: Mr. Tommaso Padoa-Schioppa, Minister of Economy and Finance of Italy
• Seat: Washington
• Function:
• Standards:

Topics of this post: finance ministers, financial architecture, ic, imfc, Organisations, world bank

See also

• G33 – Group of Thirty-Three
• G22 – Group of Twenty-Two
• Project: Mapping the Financial Governance
• Intergovernmentalism in Financial Regulation
• G20 – Group of Twenty
• World Bank
• Summary of the recommendations of the Meltzer-Report
• Membership of Key Economies in International Organisations
• IMF – International Monetary Fund
• IFIAC – International Financial Institution Advisory Commission

02. April 2008 by kasi
Categories: Organisations | Tags: finance ministers, financial architecture, ic, imfc, world bank | 1 comment