EU set to lose out on US push for IMF reform

EUobserver.com:

"EU set to lose out on US push for IMF reform
30.08.2006 - 09:56 CET | By Mark Beunderman
The EU is facing an overall loss of power in the International Monetary Fund (IMF) as the US plans to increase the voting weight of emerging states such as China in the body.

Europe currently has over a third of the voting weights of the 184-member IMF, a key international organisation which seeks to secure monetary and economic stability around the globe notably by providing credits to states with financial problems.


But the organisation is now facing reforms strongly pushed by US president George W. Bush, boosting the decision-making powers of emerging economies such as China, India, South Korea, Turkey and Mexico. "