Germany asks US to give up its IMF veto

The US should give up its veto over important decisions in the International Monetary Fund in return for Europe accepting a smaller say, Germany has proposed in September 2010.

The suggestion, which experts say will be strongly opposed by the US, addresses a politically highly symbolic dispute about voting power and seats on the fund’s executive board. Shifting power towards emerging market countries is one of the central elements in the Group of 20 nations’ drive to make the fund and other international institutions more representative.

ESO: Background information: EU wants to keep IMF seats http://www.europeansources.info/record/eu-wants-to-keep-imf-seats/

IMF: About us: Governance http://www.imf.org/external/about/govern.htm

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