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The following article was published in our article directory on October 28, 2010.
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IMF Reform Three Major Participants Gain and Loss of Interest

Article Category: Business

Author Name: xia zihui

Reform the international financial system as a core part of the International Monetary Fund (IMF) reform of the governance structure of G20 finance ministers in Gyeongju, South Korea confirmed the meeting, and eventually have a more specific road map. According to the meeting of the joint communique Gyeongju, the developed countries and developing countries, emerging economies will be 6% of the share transfer, and the latter will be the transfer of two former IMF director seats. This is a high-level meeting of G20 for the first time such a previous list of specific numerical targets for reform.

Basically, this IMF reform has three main actors: Europe, the United States and China. Reform program in such a quantification, different actors have different interests gains and losses. Intuitive terms, Europe is the largest of this impaired IMF reform. In fact, both the share of seats in the transfer or sale, mainly European countries to make concessions. G20 summit in Europe several times in the past, and did not let go of the party promised to reduce the share of IMF quota reform as a means. However, the general pattern of international economic structure, can only be made by European countries such compromise. After all, as measured by GDP, the European share in the IMF's current GDP to be far more than its share of the global economy.

China as the representative of emerging economies and developing countries would allow European countries to undertake a share and seats. In this sense, China and other countries is the second biggest beneficiary of IMF reform. This is the meaning of the IMF reform. Difficult to imagine, in China and other countries in the world economy, and the proportion of contribution to the world economy has been the undisputed highlight of the time, they are less than the IMF's share of some small European countries. Of course, China is unreasonable share of the existing typical case of IMF, and other emerging economies through this reform, more or less its share also increased.

As the United States, and not, as many people imagine to be a primary "reform" object. Specific performance is not much decline in their share and still holds more than 17%. The United States, 15% of the share is to keep the bottom line, because the IMF's major issues must be more than 85% of the share agreed to be adopted. In other words, the United States with more than 15% share of the IMF can veto major issues. Fortunately, the United States through the transfer of share of oppression in Europe, not only to keep a 15% success, but also left the future of reforms to meet the 2% reduction range. However, fair to say that if the Member States based on GDP as the IMF measure of share holders to the current U.S. share of world GDP23% share of about 17% share of the United States, already a major concession.

The above is for the G20 meeting of IMF quota reform Gyeongju all gains and losses related to the preliminary analysis. However, even in emerging economies and developing countries to the newly acquired 6% of the share, can not change the current international financial system, the monopoly of the U.S. and Europe. This is necessary to face the facts.

European countries, did lose a 6% share, but European countries as a whole, after the share transfer will still have about 25% ratio. How much the United States has not even dropped, almost unchanged from before. In addition, under the current IMF rules, if no accident, as Europe has the largest share of the overall, IMF president will continue to be generated from European countries.

More importantly, through the previous G20 financial summit, and U.S. and EU commitment to reform, IMF actually has received the support of all major economies, and become the most important international financial system and global regulators. At the same time, China and other emerging economies, despite a 6% increase in the share of reforms, but the ratio is too low because in the past, the IMF does not have its major impact is similar to the U.S. and Europe. Even if the China, India, Russia and Brazil "BRIC" reforms increase the share of the total, only 14.18% of the share, has not yet reached 15% of the key criteria. In other words, no real damage to U.S. and European countries in the IMF's own interests and no real increase in the share of China and other countries under the premise of, access to the IMF in the international financial system in the future dominance.

So, from the Chinese point of view, the G20 meeting of the IMF welcomed the share of Gyeongju reforms, must be clearly aware of the current IMF quota reform is just a good start, and must not stop there. In the future, on the one hand to continue to push IMF quota reform, taking into account the total amount of China's growing economy, China will continue to increase the share of really, but it may take a long time.

On the other hand, can operate from short-term perspective, to actively create the "BRIC" share-based coalition. Indeed, relying solely on their 6.19% share of China's far enough to reject IMF's major issues. But as previously mentioned, the "BRIC" has a 14.18% after the reform of the share, if China can effectively unite the "BRIC", and then one or two of the more important in conjunction with other emerging economies, will likely form a the rejection of more than 15% share of alliance. Through this ability to share a veto coalition, including China, the interests of emerging economies, demand will be more easy to implement. Or say the least, with a share of the Union, or the United States and Europe will be able to restrict the dominant position in the IMF.

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