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Germany and EU mull IMF board deal - German official
Date 16/09/2010 12:10  Author webmaster  Hits 1305  Language Global

16 SEP 2010

By Paul Carrel

(Reuters) - Germany and other EU nations are ready to review the distribution of power on the International Monetary Fund board to give emerging economic powers greater representation, a German government official said on Wednesday.

A power struggle for seats on the 24-member board has developed with a tug-of-war between the United States and Europe over how to give more say to emerging markets threatening to throw the IMF into disarray.

The United States wants Europe to give some of its nine board seats to emerging market countries to reflect their growing global economic weight.

Rising economic powers such as Brazil, China and India have pushed for change at the IMF and other global institutions, which have long been dominated by the United States and Europe.

Europe has thus far balked at the idea of yielding IMF seats as it is divided over how to do it, but the German official said it could favour a rotation system.

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