It is also important to note that the 2010 IMF reform disregarded a modification of the criteria for the designation of the Fund’s Managing Director, a position that traditionally has been reserved for European nationals. The implications of this overall situation for the efficiency, credibility and legitimacy of the Fund are evident.
Growing frustration of a number of EMEs with the current framework for global economic governance, has coincided with a proliferation of alternative schemes for international cooperation under the form of bilateral arrangements, regional financial agreements and new multilateral financial institutions. It is difficult not to establish at least some degree of causality between both trends.