For the G20, the crisis has called into question the effectiveness of existing international financial institutions. Most recently, during their June 2010 meeting in Busan, Korea, the G20 Finance Ministers and Central Bank Governors reaffirmed the urgency of IMF reform and called for the reform to be completed by the November Seoul Summit.
Those reforms entail a shift in quota share to dynamic emerging market and developing countries of at least 5% from over-represented to under-represented countries. In addition, G20 leaders committed to addressing the issue of the size of any increase in quotas, size and composition of the Executive Board, ways to enhance the Board’s effectiveness, the Fund Governor's involvement in the strategic oversight of the IMF, staff diversity, and a merit-based selection of heads and senior leadership of all IFIs.
Going forward, the IMF is expected to strengthen its ability to provide even-handed, candid and independent surveillance of the risks facing the global economy and the international financial system. Moreover, in collaboration with the FSB, it is expected to provide advance warning of macroeconomic and financial risks and offer appropriate recommendations to head them off.
Meanwhile, the World Bank has already reached an agreement on shifting 3.13% of voting power to developing and transition countries, delivering on its commitment to complete the agreement by April of this year.
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