Economists call for IMF to become like ‘modern central bank’

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The International Monetary Fund needs a major governance overhaul that would see it remade in the image of a “modern central bank”, according to a report by four veteran economists.

The latest “Geneva report”, authored by José de Gregorio, Barry Eichengreen, Takatoshi Ito and Charles Wyplosz, warns the current governance arrangements make it hard for the fund’s management to go against the wishes of major shareholders.

Under current quota allocations, the US supplies the largest quantity of

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