The international financial crisis and American power: influences on the scope of IMF reform

Abstract

This article represents an effort to understand the deeper meaning of the International Monetary Fund reform announced in 2010. In view of the outbreak of the financial crisis in 2008, with its epicenter in the United States, the aim is to analytically connect the following elements: Dollar as a monetary standard, financial crisis and reform. Considering the relevance of the IMF and its role in the current scenario of deterioration in the world economy, it is significant that there is, on its part, an explicit recognition of the greater economic weight of emerging countries. When contextualizing such changes, it is inevitable to address North American hegemony, since the characteristics of the current international financial system are largely due to the active construction of the international order by that country. Understanding the scope of the reform, then, necessarily involves understanding these dynamics. Furthermore, it is also necessary to consider the impact of such a reform on the composition of the international financial architecture.