International Monetary Fund September 28, President Kahn said that although the global economy to the reform of IMF voting rights have not yet close to agreement, but not out of reach, the subject is expected in November of the Group of Twenty (G20) summit, Seoul agreed. Released the same day expressed the hope that Sino-Russian joint statement also can be completed before G20 summit in Seoul, the reform goals. There are indications that, G20 summit in Seoul has become a reform of IMF voting rights of the parties approved by the deadline.

Content in the reform, the current disclosure followed a number of programs “to sell to emerging markets in Europe” principle. Among them, China’s voting power may exceed the part of developed economies in the IMF’s voice may rise to the global top three.

Impact of emerging economies will expand

IMF board of directors the right to vote for reform, Kahn believes that the European economy in the IMF board of directors for the part of the seat to the emerging economies, it is fair. He said that the IMF board of directors into the recess in early August the state, which makes Europe do not have much time to discuss this issue, “to give them too little time to help find a solution.”

Kahn has been the position of the economies outside of Europe consensus. Which accounted for the largest share in the IMF Board of Directors of the United States made in August this year, only 24 European members of the IMF Board of Directors holds too many seats (9 seats), the United States on Aug. 6 veto rejected IMF Europe The Board’s motion to obtain advantage.

Increase in the share of emerging economies, under the premise of U.S. and EU has become the full essence of the struggle to safeguard their own interests. In view of the parties has become the consensus in Europe to sell seats, are also seeking opportunities in Europe to the U.S. “fight back.” Earlier this month, Germany has asked the IMF board of directors of major decision minimum support rate from the original 85% to about 75%, so that the share of voting rights of nearly 17% of the total share of the United States and after the reform is likely to exceed 20% The “BRIC” lost a veto.

Now it seems that the majority of the European game this strategy of attack is difficult to accept the other parties;’d done IMF voting reform period has been a broad consensus. If Kahn and the joint statement referred to in the hope to be met, the outcome of IMF voting rights of the latest game will be released after seven weeks. However, Kahn warned that, despite the G20 summit will be the deadline for reform reached a final agreement or occasion, but the subject of reform must be resolved by the IMF members.

China’s position will rise

Meanwhile, IMF has also stepped up to carry out internal reform of the voting rights of program development work. According to media 28 disclosed, the new program will greatly enhance China’s position, and its voice in the IMF board of directors will be more than some European economies and may even surpass Japan as the influence of the organization’s second single economy, second only to in the United States.

The report also said that voting reform program will significantly enhance the “BRIC”, and India, South Korea and Turkey the right to vote because “the financial crisis the world’s major industrial country into economic stagnation, the ‘BRIC’ have become the the main force of world economic growth. ”

However, the voting power of the emerging economies, the specific content of the remaining European seat in the IMF board, the U.S. share of voting rights and other issues are also being cut have not been further disclosed. Data show that China had the right to vote in the IMF in 2006 and raised from 3.65% 2.7%, followed by no change. In late April this year, the World Bank annual spring meeting, the voting rights of the Bank of China from 2.77% to 4.42%.

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