EU Ready to Cede IMF Seats, German Official Says
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The European Union is ready to give up as many as two seats on the International Monetary Fund board in a bid to reach a compromise on revamping the Washington-based institution, a German government official said.
Compromise is needed on all sides to overhaul country representation at the IMF, including from the U.S., the German official told reporters in Berlin today, speaking on condition of anonymity because negotiations have yet to begin. IMF reform and the state of the world economy will be the focus of meetings in Washington this week, the official said.