EMERGING NATIONS SHOULD HAVE SAY ON IMF HEAD - CHINA ADVISER
Reuters, May 24, 2011
BEIJING (Reuters) - Emerging economies should have a say on who should take the helm of the International Monetary Fund, but overhauling the global agency is more important than the succession issue, an adviser to the People's Bank of China said on Tuesday.
Xia Bin, who sits on the central bank's monetary policy committee, also told Reuters that reform of the IMF could not make significant progress unless the United States is willing to give up its dominant voting share in favour of developing countries.
"It's not a issue of who will be the candidate for the IMF managing director. The problem is that the voting share of the United States is too big," he said.
French Finance Minister Christine Lagarde has emerged as a front-runner to succeed the fund's jailed managing director, Dominique Strauss-Kahn, but developing economies, with growing global clout, are keeping pressure on Europe and the United States to avoid a backroom deal over the appointment.
"The voice of emerging-market economies should be heard, but emerging markets must realise that reform of the global monetary systems is a long process," Xia said.
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