Las políticas monetarias y cambiarias del FMI y su impacto sobre los derechos humanos

Abstract

The IMF’s original mission was to organize a stable Internatio- nal Monetary and Financial System that would favor international trade and correct imbalances at the lowest possible cost. To this end, the IMF was given supervisory powers over monetary and exchange rate policies of member countries, and the power to influence them in the context of assistance programs agreed with countries in difficulty. In practice, the policies advocated by the IMF have aggravated both international econo- mic and financial instability as well as the economic and social cost of the resulting crises, violating economic, social and cultural human rights in the affected countries. Its pro-cyclical macroeconomic policies have been socially costly and economically ineffective, while its structural reforms have undermined the sovereignty of countries. The results of the programs, systematically far from those projected, show analytical deficiencies that have been partially recognized in theory, without the content of IMF programs changing substantially. A reform of the IMF, reflecting the new balance of power in the world economy, is essential if this institution is to resume its original mission and contribute to the realization of the human rights recognized by the United Nations, of which it is part.