José Antonio Ocampo  | Project Syndicate | March 5, 2021

As the International Monetary Fund prepares for its next large-scale issue of special drawing rights, its reserve asset, the time is ripe for reform. At the top of the list of priorities should be eliminating dual IMF accounting and implementing a more equitable system for determining SDR allocations.

Many economists, including some colleagues and I, have been recommending a major new SDR allocation for a year now. The G20’s failure to heed that recommendation exemplifies the inadequacy of international financial cooperation during the COVID-19 pandemic, especially when compared to the aftermath of the 2008 global financial crisis.

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