1. International Monetary Flows and the IMF International Economic Relations Metropolitan University Prague Martin Kolmhofer 2011/2012

2. 187 Members: almost all countries of the world, except Cuba, North Korea, Andorra, Vatikan,

3. Based in: Washington Founded: After WWII

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7. Original Purpose: Stabilizing system of fixed exchange rates gold exchange standard (until 1971)

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10. IMF accepts gold as payment by member countries USA 8134 t, Germany 2435 t, IMF 2827 t, Italy 2452 t, France 2435 t, China 1054 t

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12. Quotas: USA 56 billion USD (Tuwalu 2,7 million USD) Voting rights: USA 17 % of the votes (TUWALU 0,01 %)

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14. 85 % majority is necessary for important decisions

15. US has 17 % = de facto VETO US can impose conditionality

16. G20 Summit Seoul 2010: BRIC countries are becoming more influential in the IMF

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19. The EU countries together have more votes than the US but have much less influence because of their lack of consensus

20. Ideology: Washington ConsensusConditionality Fiscal discipline, (Trade) Liberalization, Privatization, Deregulation, Tax Reform

21. After the fall of communism the IMF supported the reforms in the CEE countries (Ukraine, Romania and Hungary are some of the biggest debtors of the IMF)

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