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Image header Agence Europe
Europe Daily Bulletin No. 10227
GENERAL NEWS / (eu) eu/financial services

Europe prepared to change its IMF presence

Brussels, 01/10/2010 (Agence Europe) - After a meeting of EU finance ministers and central bankers on Friday 1 October, Belgian Finance Minister Didier Reynders said the EU would now try to get the ball rolling with its partners at the IMF, initially probably with the United States but also with other partners, on how to organise changes to the quota system that determines who sits on the International Monetary Fund's board of managers to ensure better representation of emerging economies and under-represented countries. The discussions will also focus on possible changes to the way the IMF's management board operates. Accused by the United States of having too much weight, Europeans are reported to be prepared to give up two seats when the quota changes come into force. The EU is also considering rotating membership of the board among member states - this already happens at the World Bank, where Austria and Belgium share a seat, explained Reynders. (M.B./transl.fl)

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