In a context of monetary sovereignty, the imbalances translated into currency depreciation, international reserves depletion and high and rising inflation rates (annual inflation was 21.4%, on average, for the period 1978-1985, reaching almost 30% in 1984).
How to reform the Fund’s governance  Since the Asian crises, the Fund has taken some efforts to reform its own governance, including increasing transparency of policy decision and taking some administrative measures to enhance the working capacity of Executive Offices of some developing country constituencies. But, these haven’t touched upon the fundamental problems in the Fund’s governance as I mentioned earlier.