The Asia Europe Meeting summit calls for monetary fund reform

Published on: 06 Oct 2010

The Asia Europe Meeting (ASEM) summit, which concluded here on Tuesday, strongly called for reforming international financial institutions (IFIs), particularly International Monetary Fund (IMF).

Vice-president Hamid Ansari and Chinese prime minister Wen Jiabao sought more quota shares of IMF for developing countries to improve credibility, legitimacy and effectiveness of IFIs.

The declaration expressed support for implementation of the IMF quota reform by the G-20 summit in Seoul in November.

The ASEM summit also wanted governance issues, such as a merit-based process for appointing heads and senior leadership of IFIs, staff diversity at senior and mid-levels and a more representative IMF executive board, to be addressed.

-By Vineeta Pandey, Daily News and Analysis