Editing International Monetary Fund (section)

==IMF and globalization==
[[Globalization]] encompasses three institutions: global financial markets and [[transnational companies]], national governments linked to each other in economic and military alliances led by the United States, and rising "global governments" such as [[World Trade Organization]] (WTO), IMF, and [[World Bank]].<ref name="People Before Profit">{{cite book |last1=Derber |first1=Charles |title=People Before Profit |url=https://archive.org/details/peoplebeforeprof00derb |url-access=registration |year=2002 |publisher=Picador |location=New York |isbn=9780312306700 }}</ref> [[Charles Derber]] argues in his book ''People Before Profit,'' "These interacting institutions create a new global power system where sovereignty is globalized, taking power and constitutional authority away from nations and giving it to global markets and international bodies".<ref name="People Before Profit" /> Titus Alexander argues that this system institutionalises global inequality between western countries and the [[Majority World]] in a form of [[global apartheid]], in which the IMF is a key pillar.<ref>{{cite book |last1=Alexander |first1=Titus |title=Unravelling Global Apartheid: an overview of world politics |year=1996 |publisher=Polity press |pages=127–133 }}</ref>

The establishment of globalised economic institutions has been both a symptom of and a stimulus for globalisation. The development of the World Bank, the IMF, [[International financial institutions#Regional development banks|regional development banks]] such as the [[European Bank for Reconstruction and Development]] (EBRD), and multilateral trade institutions such as the WTO signals a move away from the dominance of the state as the primary actor analysed in international affairs. Globalization has thus been transformative in terms of limiting of [[state sovereignty]] over the economy.<ref>{{cite journal |last1=McCorquodale |first1=Robert |author2=Richard Fairbrother |title=Globalization and Human Rights |journal=Human Rights Quarterly |date=August 1999 |volume=21 |issue=3 |pages=735–766 |doi=10.1353/hrq.1999.0041 |s2cid=144228739 }}</ref>

===International central bank digital currency===
In April 2023, the IMF launched their international [[central bank digital currency]] through their [[Digital Currency Monetary Authority]], it will be called the [[Universal Monetary Unit]], or Units for [[shorthand]]. The [[Windows-1252|ANSI]] character will be [[Ü]] and will be used to facilitate [[Bank for International Settlements|international banking]] and [[international trade]] between countries and [[currencies]]. It will help facilitate [[SWIFT]] transactions on cross border transactions at [[wholesale]] [[Foreign exchange market|FX]] rates instantaneously with real-time settlements.<ref>{{cite web |url=https://finance.yahoo.com/news/digital-currency-monetary-authority-dcma-132700400.html |title=The Digital Currency Monetary Authority (DCMA) Launches an International Central Bank Digital Currency (CBDC) |website=Yahoo Finance |date=10 April 2023 |access-date=16 April 2023 |archive-date=16 April 2023 |archive-url=https://web.archive.org/web/20230416083055/https://finance.yahoo.com/news/digital-currency-monetary-authority-dcma-132700400.html |url-status=live }}</ref><ref>{{cite web |url=https://www.fintechfutures.com/2023/04/digital-currency-monetary-authority-launches-international-cbdc/ |title=Digital Currency Monetary Authority launches international CBDC |date=13 April 2023 |access-date=16 April 2023 |archive-date=16 April 2023 |archive-url=https://web.archive.org/web/20230416083056/https://www.fintechfutures.com/2023/04/digital-currency-monetary-authority-launches-international-cbdc/ |url-status=live }}</ref> In June, it announced it was working on a platform for central bank digital currencies (CBDCs) that would enable transctions between nations. IMF Managing Director Kristalina Georgieva said that if central banks did not agree on a common platform, [[cryptocurrency]] would fill the resulting vacuum.<ref>{{cite news |last=Eljechtimi |first=Ahmed |date=19 June 2023 |title=IMF working on global central bank digital currency platform |publisher=Reuters |url=https://www.reuters.com/markets/imf-working-global-central-bank-digital-currency-platform-2023-06-19/ |access-date=23 June 2023 |archive-date=22 June 2023 |archive-url=https://web.archive.org/web/20230622082204/https://www.reuters.com/markets/imf-working-global-central-bank-digital-currency-platform-2023-06-19/ |url-status=live }}</ref>