In the wake of several major crises, in which it played a highly controversial role, the IMF has recently come under heavy fire from various quarters. A number of proposals for reform have been, put forward, of which the report of the Meltzer Commission has attracted particularly widespread attention. The authors analyze this and some competing reform proposals using the "trilemma of economic integration", which the US Treasury Secretary, Lawrence Summers, suggested as a common framework for investigation.
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