Towards a New International Monetary Order

At the institutional level, the reform of the IMF quotas and of its governance was initiated in order to increase the involvement of the new countries, and has recently become more necessary than ever in the new context of volatile currency exchange rates. To ensure that the IMF remains at the center of the multilateral economic system and contributes to the stabilization of the world economy, it is in fact of crucial importance the approval of the 2010 quotas and the governance reforms. The growing role of bilateral agreements and the establishment of international institutions of emerging countries such as the BRICS' New Development Bank and the Asian Infrastructure Investment Bank show that, without that agreement, an alternative framework is adopted, shifting the issues to new bodies.