There are two things going on at the IMF.
First, the IMF is turning its focus to global trade imbalances. This suggests a return to the original Bretton Woods vision of coordinated trade and monetary policy. See the Paul Bluestein story in the Washington Post. I wonder how the IMF's functions would change to implement this change in focus, and what if any coordination with the WTO may be required. The idea seems to be merely to hold multi-country conferences at which "spillovers and linkages" between countries are "highlighted." An "Economic Policy Review Mechanism?" See the IMF communique.
The second, and related, issue, is reallocating voting rights. It seems difficult to get anyone to accept a reallocation of voting rights in which their own rights are diluted, although Bluestein reports that the U.S. has said it would accept a small reduction.
