Mixed signals ahead of Seoul

• The Hindu : Today's Paper / OPINION : Mixed signals ahead of Seoul

  • On a more positive note, the meet resulted in what is seen as a landmark reform of the IMF. Developing countries such as China and India are to get a bigger voice reflecting their rise in the global economic hierarchy. European countries will cede two of their eight seats on the IMF board in favour of the emerging powers and over 6 per cent of the IMF voting power will be transferred to the currently under-represented countries. It was also decided to double the IMF's $340 billion quota, considerably augmenting its resources to cope with future financial crises. India along with Russia, China and Brazil will be included in the IMF's top ten shareholders. The IMF and several countries have hailed this agreement as historic, one which will overhaul the Fund's outdated governance structure