At roughly 4-1/2 percent at year-end, yields on ten-year nominal Treasury issues increased only slightly on balance over 2005 even as short-term rates rose 2 percentage points.
The oversight role of the Executive Board should be strengthened and the Board should focus more on the Fund’s strategy. But there is no reason to fundamentally change the responsibilities of Board and management. The current number of seats on the Board, 24, is appropriate for an institution the size of the IMF.