The new law sharply constrains the power of the Governor of the Bank. Today, and for the last fifty six years, the Governor alone has made both the policy and the managerial decisions in the Bank.
We all know that the Fund can play an important role in encouraging its members to prepare for a possible pandemic, in facilitating cooperation across the membership, and advising members on appropriate macroeconomic policies and helping to support them with balance of payments financing where this is needed.