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This book investigates the strengths and weaknesses - in terms of transparency and compliance with the democratic principle - of Bretton Woods Institutions, considering the most important innovations from the original framework achieved through the introduction of independent accountability and complaint mechanisms (the Inspection Panel and Independent Evaluation Office), but also due to relevant reforms in the internal governance of the International Monetary Fund and the new financial assistance tools. One of its main focuses is on evaluating the socio-economic impact of conditionality in the countries requiring financial assistance, acknowledging the need to strengthen social protection policies in the adjustment programs. In addition, emphasis is given to the effects of the "constitutionalization" of the Washington Consensus in the European Union, with the establishment of the so-called "Berlin-Brussels-Frankfurt Consensus."
List of contents
Part I - The Governance and the Reforms in Progress.- Part II - The Constitutionalization of the "Washington Consensus" in the European Union.- Part III - Accountability and Independent Complaint Mechanisms.- Part IV - Conditionality and Socio Economic Impact.- Part V - The Impact of Bretton Woods Institutions on Civil Society.
About the author
Elena Sciso, Full Professor of International Law. Director of the Research Centre on International and European Organizations, LUISS Guido Carli University
Summary
This book investigates the strengths and weaknesses – in terms of transparency and compliance with the democratic principle – of Bretton Woods Institutions, considering the most important innovations from the original framework achieved through the introduction of independent accountability and complaint mechanisms (the Inspection Panel and Independent Evaluation Office), but also due to relevant reforms in the internal governance of the International Monetary Fund and the new financial assistance tools. One of its main focuses is on evaluating the socio-economic impact of conditionality in the countries requiring financial assistance, acknowledging the need to strengthen social protection policies in the adjustment programs. In addition, emphasis is given to the effects of the “constitutionalization” of the Washington Consensus in the European Union, with the establishment of the so-called “Berlin-Brussels-Frankfurt Consensus.”
