The saying that cats have seven lives seems to be true also in the world of international finance governance. The institution of the International Monetary Fund has throughout its history demonstrated a degree of liveliness comparable to the one of the cats. The International Monetary Fund repeatedly succeeded in resurrecting its importance, even though it was many times on the verge of losing its significance. Created as a single monetary authority in 1940s, it lost its significance for the first time in the 1970s with the abandonment of the fixed exchange regime. However, the abandonment of its original role opened the doors for other opportunities and tasks. Thus, the International Monetary Fund has found its mission as the main institution in solving the problems related with external payments and debt problems. The latest financial crisis called for a more intensive involvement of the International Monetary Fund, which has gradually evolved in the de facto international financial authority. This portfolio of unique experiences, underscored by the fact that the International Monetary Fund acts often in the last resort, enables the International Monetary Fund to see the links between various economic problems and processes at international level. Its predominantly supervisory role and unique expertise are likely to predestine also the future of the International Monetary Fund. Is it fair to say that the International Monetary Fund is on its way to assume the role of a mysterious World Financial Organization, the existence of which took a concrete shape predominantly only in the scholarly papers so far? Does it have the ability to become a “global sheriff” responsible for maintaining international financial stability, as envisaged by George Soros? The chapter written by Rosa Maria Lastra “Do We Need a World Financial Organization” in the book “The Reform of International Economic Governance” attempts among other things to provide answers to these questions.
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