Brussels, 20/10/2005 (Agence Europe) - In Brussels on Wednesday, the Managing Director of the International Monetary Fund (IMF), Rodrigo de Rato, met the President of the European Parliament, Josep Borrell, the President of the Economic and Monetary Committee, Pervenche Beres, the President of the International Trade Committee Enrique Baron, the President of the Development Committee Luisa Morgantini, French Socialist Louis Hamon, author of an own initiative report on the IMF Strategic Review and John Purvis (British Tory MEP) and Ona Jukneviciene (ALDE, Lithuania), both shadow rapporteurs. Since 25 September 2005, the IMF has been undergoing a strategic review, with seven working groups considering a range of options like the system of political representation and national quotas within the IMF and external options like the content of IMF policy and cooperation and division of labour with other international bodies like the World Bank and the WTO. At the meeting, de Rato said he was keen to have regular contacts and cooperation between the IMF and the European Parliament. French Socialist Pervenche Beres said: 'This first meeting with the IMF is a positive and encouraging step towards mutually beneficial cooperation which increases the transparency, democratic accountability and thus the legitimacy of the IMF.' Other MEPs also stressed the need for more democratic accountability and transparency in the IMF and urged that the IMF should refocus its work on its core tasks of macroeconomic and financial stability.