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IMF Annual Meetings Will Become The Wrestling Battle
Author : Jerri Lily
Submitted : 2011-12-17 17:53:22 Word Count : 716 Popularity: 0
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International Monetary Fund (IMF) and World Bank (WB) annual meeting held in Washington. In view of Seoul, South Korea in November this year, G20 summit after an initial reform of the IMF share of the "final deadline", the conference will highlight the game played all forces. In this highlight, China and other emerging market countries are expected to further increase the voting power, but the EU executive Commission in the IM F seats also will be challenged.
"Share reform" has been the core of IMF reform. Currently, the U.S. is the IMF's largest shareholder, with 17.09% of the voting rights. After the United States and Japan accounted for 6.12% of voting rights, accounting for 5.98% in Germany, France accounted for 4.94%, the UK accounted for 4.94%, while China ranked sixth, accounting for 3.72%. And Now, an international economic power has been and continues to experience a profound shift, emerging economies and developing countries significantly improve the position. G 20 Pittsburgh last September summit, leaders agreed to twenty-IM F and the World Bank's share of the two bodies were transferred to developing countries at least 5% and 3%. This year in April, the World Bank the right to vote the first step of reform, and its decision-making body agreed that the Commission vote on the developed countries to developing countries 3.13 percent of the voting weight of the overall weighting of votes of developing countries increased to 47.19%.
A report from the internal documents show that the IMF, IMF member countries are discussing the reform program will greatly enhance China, Brazil, Russia, India, South Korea and Turkey, a major emerging market countries in the IMF lending issues and international economic issues, the right to vote . China's voting power in the organization or raised to 6%, the right to speak will rank second or third. "China's voting power in the IM F and China's economy should match. China's economic aggregate now ranks second only to the United States, to improve China's voting share to the second, after the United States is as it should be . The Chinese are also upgrading to improve the voting rights of China's international influence and oversight responsibility for the management of international economic affairs. "China Foreign Economic and Trade University, the International Monetary Research Center Sun Huayu on the" Economic Information Daily "told reporters.
However, as the former vice president of the People's Bank of China, IMF president Zhu Min, the Special Adviser had said, "is easy to increase the share of some countries, but to reduce the share and power in some countries is difficult." He suggests, share and voting the transfer of power is still not small resistance.
This "resistance" is reflected in the game on the right between the U.S. and Europe. This year in August, the United States for the first time on the IMF Executive Committee of the existing distribution patterns of 24 seats cast a negative vote, the proposed reduction of seats to 20 seats, and suggested that European economies will be more seats on the Commission to IM F and emerging economies. This may mean that European countries currently enjoy nine seats will be forced to decrease. "European Union finance ministers on October 1 approved a proposal to share with the two emerging economies, the Executive Committee of the seats. But also asked the United States must give up the unilateral power to veto major decisions the board. If the United States could give up in the IM F, one-vote veto, the proposal can become a reality more smoothly. "Sun Huayu said.
Sun Huayu also pointed out that to achieve last year's share of the G20 in fact, resistance to reform in the United States. Since its establishment, the International Monetary Fund held by the Europeans, the World Bank by an American. In the IMF, major decisions have to be at least 85% of the 187 member states the right to vote to pass, while the U.S. has 16.74% of the voting rights, meaning that the United States in any major decisions with the actual veto. If the U.S. does not give up the real veto, the EU do not want to reduce their IM F seat on the Executive Committee.
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