THE ROLE OF THE INTERNATIONAL MONETARY FUND IN THE INTERNATIONAL MONETARY SYSTEM

The International Monetary Fund (IMF) is at the center of the international monetary system. Such a position allows this institution to influence monetary relations among all subjects that enter into such relations. The aim of this paper is to ensure a better understanding of the establishment and operation of the International Monetary Fund, as well as the structure of the International Monetary Fund and its impact on the international monetary system. In this context, the paper addresses the question of whether the International Monetary Fund has the ability to be the main actor in regulating international monetary relations. In order to provide the whole picture, this paper first analyzes the reasons for the establishment of the International Monetary Fund, its legal position and organization. In particular, the authors focus on the changing role it played within the Bretton Woods International Monetary System, and the role it plays today.