The G20 Proposal on IMF Governance: Is there Progress?

The G20 summits in 2009 have proposed major changes in governance of the InternationalMonetary Fund (IMF). Most important seems to be the acknowledgment that the IMF in itscurrent form lacks legitimacy and ownership. Accordingly, the G20 suggests a reallocation ofvoting shares to emerging and developing countries, an antedated reform of the quota system,a delinking of the managing director’s election from regional origin and support for the Singaporequota and voice reform of 2006.[...]