Accountability, Transparency and Democracy in the Functioning of Bretton Woods Institutions

By: Elena Sciso

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Synopsis: 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. "