IMF Says G-20 Agreed on ‘Biggest Reform Ever’
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Group of 20 nations agreed on an overhaul of the International Monetary Fund that gives a larger voice to emerging market nations, IMF Managing Director Dominique Strauss-Kahn said.
More than 6 percent of voting rights will be reallocated to underrepresented emerging-market nations and Europe will give up two board seats in the “biggest reform ever in the governance of the institution,” Strauss-Kahn told reporters today in Gyeongju, South Korea. The G-20 also agreed on the structure for a “financial safety net” to stop nascent financial crises before they speed out of control, he said.