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Just like the World Bank is missing in action on climate change, its Bretton Woods twin the International Monetary Fund (IMF) is missing in action on its main function: Surveillance of the global monetary and financial system. With the world financial markets rattled again by banking failures in the US and debt distress in emerging markets as interest rates rise to tackle inflation, the IMF is not a central player today. It has, instead, spent much of its energy trying to develop new instruments to help emerging market economies deal with crises and low-income countries reduce poverty and raise growth, while focusing on issues such as gender and human development, which many other agencies are better suited to handle.