1  The current global economic environment and the IMF  There has been widespread consensus about the driving forces behind the changes in the world economy and the role of the IMF. The IMF was founded over 60 years ago to meet the needs of an international monetary system with fixed exchange rates and restricted capital mobility.
The current environment, however, is a very different one. Its defining characteristics are large scale capital mobility and a growing importance of more flexible exchange rate arrangements. Some have therefore felt inclined to pose the provocative question of whether we still need the IMF at all.