G20

Tuesday, August 22, 2006

The G20's aim?

Per the work programme for 2006:

The G-20 has had a mandate to review the Bretton Woods institutions from its inception in 1999. . . In 2006, the G-20 will monitor progress of reviews already underway, provide further focus to the reform agenda, and sustain the momentum for reform.

Accordingly, the press tell us the G20 want changes to the decision-making process at the Fund. However it is unclear what, specifically, the G20's aims are after a technical rebalancing of influence at the IMF. An adjustment to voting power might reduce subjectivity in decision-making, but there are surely better ways to introduce objectivity. No doubt the Australian chair of the G20 will explain further, to take the important matter forward.

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