10 Charles Calamiris (1998) has suggested what is in many ways a similar idea, except that in his
plan, all countries would have to meet such strict conditions to be members of the IMF. In our
view, it would be impractical and unwise to limit all IMF membership to such conditions.
Moreover, since the IMF voting rules are now so heavily weighted towards creditor countries, the
continuing legitimacy of the IMF requires a restructuring of the powers and procedures of the
Institution, as well as the voting rights within the IMF.