Cooperation and competition among regional financial arrangements (RFAs) and the International Monetary Fund (IMF) increasingly determine the effectiveness of the global financial safety net (GFSN). Many observers fear that this is fragmenting. In this study for the Center for International Governance Innovation, Randall Henning reviews the RFAs in Latin America, East Asia and Europe to assess their relationships with the IMF. He suggests that architects of financial governance should maintain the IMF at the centre of the safety net and develop regional arrangements as insurance against the possibility that any one institution could be immobilised in a crisis, thereby safeguarding both coherence and resilience of the institutional complex.
https://www.cigionline.org/sites/default/files/documents/RFAs and the IMF web.pdf

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