Fast-growing emerging economies should have more say in how the International Monetary Fund conducts its lending operations, and that means rich countries may have to yield some power, US Treasury Under Secretary Tim Adams suggested on Friday.
Speaking at a conference organised by the International Institute of Economics, Adams said the IMF did not need more money but needed to make sure countries' voting authority was proportional to their role in the world economy.
"The quotas for many fast-growing market countries are much smaller than the IMF's own calculations would suggest they should be," Adams said in prepared remarks.
He also said the IMF should play a stronger role in monitoring exchange rate policies practised by its members.
"The perception that the IMF is asleep at the wheel on its most fundamental responsibility - exchange rate surveillance - is very unhealthy for the institution and the international monetary system," Adams said.
Comments
Comments are closed.