Global Economic Governance — Amendments

Amendment	Year	Description	Impact
IMF Articles of Agreement - Second Amendment	1978	Legalized the system of floating exchange rates that had emerged after the collapse of the Bretton Woods fixed exchange rate system in 1971. This amendment fundamentally changed the IMF's role from managing a fixed exchange rate system to overseeing a system of flexible exchange rates.	Transformed the international monetary system and the IMF's mandate, giving countries more flexibility in exchange rate policies while establishing the IMF's role in surveillance and policy advice rather than exchange rate management.
WTO Agreement - Trade Facilitation Agreement	2017	The first multilateral trade agreement concluded since the WTO's establishment, aimed at expediting the movement, release, and clearance of goods across borders. It includes provisions for technical assistance and capacity building for developing countries.	Modernized global trade rules for the digital age and demonstrated that multilateral trade negotiations could still achieve results, though on a narrower technical issue rather than broader liberalization.

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