The Bretton Woods Institutions and the Rule of Law: An Urgent Good Governance Issue

Abstract

At present proposals to reform the Bretton Woods Institutions (BWIs) abound, and good governance and the Rule of Law have been widely preached. It is all the more surprising that one urgent problem has practically eschewed attention: making the BWIs obey their own statutes and the principles they preach - applying good governance and the Rule of Law to those preaching it so keenly. This is foreseen by their statutes. But the BWIs honour their statutes in the breach rather than observance. Open violations of BWI-statutes have caused substantial damage to Southern countries, and increased BWI-income. BWI-flops create BWIjobs. The BWIs are not preferred creditors as they know but nevertheless assert publicly. As a rule, BWI-claims are statutorily subordinated. Holding the BWIs financially accountable for damage done (tort) is enshrined in their statutes. Simply by observing rather than breaching their own statutes, good governance and the Rule of Law can be brought to the BWIs as their founders had intended. This would have enormously positive effects on development.

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