Readers' Guide Comment on “at the request of the Managing Director”
This proposal elevates the Managing Director of the IMF into a global central bank head, structurally making the head of IMF the globalized equivalent to the current head of the Federal Reserve or the Bank of England. The report makes no other recommendation that would expand the scope or the responsibility of any other executive director of an intergovernmental body.
Readers' Guide Comment on “in times of financial distress”
While the section is called ‘economic cooperation’, the power to create Special Drawing Rights (SDRs ) is limited to times of ‘financial distress’, not the broader ‘economic’ distress. The very narrow wording here excludes proposals for Special Drawing Rights to address global poverty, the adverse effects of climate change, or the economic consequences of armed conflicts.
The Readers' Guide welcomes comments with alternative examples or counter examples, supplemental assessments of the extracted GRI text or commentary – critical or otherwise – of the above interpretation of GRI’s perspective.