As IMF’s Head Christine Lagarde said, the Fund could extend the role of developing markets within the organization, despite a stalemate in the US Congress over approval of broader governance reforms.
The reform is aimed to give emerging markets a bigger say. Experts note it is a serious step to a multipolar world and a wider role of BRICS in particular.
The IMF policy makers are considering ideas on how to push ahead with the reform by mid-December.
As it is known, one solution is an ad hoc increase to the quota for key emerging economies, without requiring any change in the US position, although the Group of 24 developing economies keeps up pressure for a more radical alternative.
Agustin Carstens, who chairs the IMF’s advisory panel, said that the best possible result for the US would be to ratify the reform.
At the same time, Jeroen Dijsselbloem, who chairs monthly meetings of the eurozone finance ministers, said the US has to take responsibility for international financial institutions again. He emphasized that it is in the US’s interest as they shouldn’t be isolated, especially when China is becoming more and more active in these institutions.
