Grafting stability onto globalisation? Deconstructing the IMF's recent bid for transparency

This article sets out to critically explore an important dimension of the International Monetary Fund's (IMF) recent bid for economic stability, namely the transparency requirements vis-à-vis emerging market economies. The article argues that this requirement symbolises an attempt to bolster ideological obligation to neoliberalism while progressing towards a certain form of legal obligation between states. This claim is developed by first identifying three facets that have undermined the economic stability of the global system: (1) the emergence of 'competition states'; (2) a non-hegemonic political economy; and (3) the reperipheralisation (or re-marginalisation) processes in the global South. After establishing this larger analytical backdrop, the article goes on to evaluate the Fund's transparency requirements as an attempt to preserve the status quo in the global political economy.