The IMF’s Overlooked Revolution
This March, amid the latest twists and turns of the current financial crisis, a significant achievement went largely unnoticed: a decision by the executive board of the IMF that gives greater voice to its under-represented members, including emerging-market and developing countries.
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Mexico City – As the turmoil swirling through global financial markets continues, there is a growing realization that global economic problems require global solutions and improved global governance. This March, amid the latest financial twists and turns, a significant achievement in this regard went largely unnoticed: an agreement by the executive board of the International Monetary Fund on a new quota formula and increases in quotas for under-represented members, particularly emerging-market and developing countries.