Changes

It is sometimes referred to as "a Bretton Woods institution", along with the Bank for International Settlements (BIS) and the World Bank. Together, these three institutions define the monetary policy shared by almost all countries with market economies.  

It is sometimes referred to as "a Bretton Woods institution", along with the Bank for International Settlements (BIS) and the World Bank. Together, these three institutions define the monetary policy shared by almost all countries with market economies.  

The IMF was instituted in and operated as a short-term credit fund for exchange rate stabilization throughout the Keynesian Welfare State era of 1945 - 1971. With the removal of the fixed exchange rate system in the early 70s - the original role for the IMF has changed. As neo-liberalism took hold in the US and Western Europe through the 70s and 80s, the IMF has assisted debtor nations with problems meeting balance of payment deficits on condition they insitute reforms in line with neo-liberal and classical economic theory. Arguably there has been a qualification of this stance with the recent HIPC initiatives, but it is safe to conclude that the IMF remains a neo-liberal institution, arguably much removed from its original mandate.

The IMF was instituted in and operated as a short-term credit fund for exchange rate stabilization throughout the Keynesian Welfare State era of 1945 - 1971. With the removal of the fixed exchange rate system in the early 70s - the original role for the IMF has changed. As neo-liberalism took hold in the US and [[Western Europe]] through the 70s and 80s, the IMF has assisted debtor nations with problems meeting balance of payment deficits on condition they insitute reforms in line with neo-liberal and classical economic theory. Arguably there has been a qualification of this stance with the recent HIPC initiatives, but it is safe to conclude that the IMF remains a neo-liberal institution, arguably much removed from its original mandate.

== Membership Qualifications ==

== Membership Qualifications ==