The IMF's mandate was to promote international economic growth and financial stability. This mandate remains relevant today. But a great deal has changed since the IMF first opened its doors. The IMF was set up to oversee the global monetary system in an era of fixed exchange rates.
Today, flexible exchange rates are the norm; private capital flows dwarf IMF resources; financial markets are much more sophisticated and vastly more interconnected; and major new players are integrating into the global economy. To be effective in this world, the IMF must change the way it pursues its mandate.