IMF attempts governance reforms and doesn’t get far

The Bretton Woods Project reports on recent efforts to democratize the voting structure at the IMF. Seems like the negotiations have successfully managed to get old wine into a new bottle. See the article for a detailed discussion of the proposed changes to the formulas used to calculate votes as well as some interested commentary from the officials involved in the process.

My favorite quote:

Ralph Bryant, a scholar at the Washington-based Brookings Institution, called the compromise pallid and inadequate:  “The image to have in mind is that of a decades-old building in need of major repairs and renovation.  The plumbing is ancient and badly needs updating.  The roof is leaking in places. Termites have been found in the support joists in the basement.  What steps are being recommended to renovate the building?  What is on offer is, essentially, a fresh coat of paint in the entrance hallway and the fixing of some broken glass panes in the windows facing the street.”

That’s gotta be one of the snarkier soundbytes coming out of Brookings in a while. You tell ‘em Ralph!

(Hat tip to the South Centre blog for the link)