Not surprisingly, the swift unraveling of the global economy combined with the ascent to the U.S. presidency of an African-American liberal has left millions anticipating that the world is on the threshold of a new era. Some of President-elect Barack Obama’s new appointees – in particular ex-Treasury Secretary Larry Summers to lead the National Economic Council, New York Federal Reserve Board chief Tim Geithner to head Treasury, and former Dallas Mayor Ron Kirk to serve as trade

Muchos gobiernos de América Latina han insistido que sus países se encontraban “blindados”
frente a la crisis global. Expresando un gran optimismo, en lugares como México, Argentina,
Chile, Perú y Colombia, se repetía que las economías nacionales continuarían creciendo,
mientras la crisis estaría restringida a los países ricos. Pero con el paso de las semanas es
evidente que el descalabro financiero está afectando a América Latina, y las ideas del “blindaje”
se están derrumbando.

What are the underlying factors shaking the very foundation of one of the pillars of the international financial architecture? What strategic and managerial reforms would be necessary to allow the IMF to address the most pressing challenges to economic and financial stability? And fi nally, what can be done within the governance structure of the Fund to make it more representative of all segments of its membership?

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