Although the attacks on the International Monetary Fund from the far left and the far right are often misguided, the IMF needs serious reform. Unfortunately, the reforms that the IMF needs most—better policy coordination and implementation, greater transparency, and the avoidance of pegged exchange rates and moral-hazard problems—face serious bureaucratic and political obstacles.

Thomas D. Willett is the director of the Claremont Institute of Economic Policy Studies at Claremont McKenna College.
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