The United States to the approval of the international
monetary fund reform step
The financial times the net 17 reported that the us congress to approve the international monetary fund reform step closer to, the long-awaited reform would give China and other emerging economies more say, let them participate in the decision of the agency policy.
16 morning as part of the budget deal released comprehensive spending bill in the United States, including the approval of the Obama administration has finally voted in 2010, but then stalled quota reform, this matter in recent years, become the source of tension between the United States and the international monetary fund.2010 reforms proposed to the international monetary fund quotas (i.e., the contribution of capital), doubled and redistribution, giving China a greater say in such countries.According to the current is expected to implement the reform, China's voting share in the international monetary fund will rise from 3.8% to 3.8%, while the share of the vote will be slightly to 16.5% from 16.7%, while retaining its veto power.The biggest losers will be European economies, their share of the vote will be cut.
The Obama administration launched a reform in 2010, is to some extent in order to meet the desire of the Chinese, to make it stay at the bretton woods system.But because the republicans worry that reform will
weaken the American influence in the international monetary fund, the reform in the United States congress, blocked a lot of people think that this is helping China decided to set up the Asian infrastructure investment bank (hereinafter referred to as "the bank"), and other alternatives.
"(congress approved the reform) is very important. It must be late some, I think it has brought some cost," the council on foreign relations, director of the international economy, author of battle over the bretton woods system, the steil says.He added that the United States in 2010 approved the reform on the issue of procrastination, make China in pursuit of alternative has "considerable moral force", and help them to American Allies in Europe and Asia to support the investment Banks. However, is likely to bring new friction between the United States and the international monetary fund is a detail, comprehensive spending bill should be in the United States congress approved on the issue of the international monetary fund lending for special play a bigger role.It also requires us to seek to abolish the "systemic immunity" passed in 2010, when the introduction of the purpose of the exemption is to enable the international monetary fund to participate in European leading the country's economy.
According to the law, at the international monetary fund's board of directors approved higher than normal ceiling "exception to obtain
capital resources before the vote," the us administration must be at least 7 days in advance to inform the us congress.The bill also requires a study, should look at the international monetary fund for mortgage loans required under those terms, this means that a country like Greece, if you want to get relief funds may need to put a large part of the infrastructure, such as port and power plant control to the international monetary fund. Involved in the negotiations, a senior republican aides said, included in the above conditions, especially involves the abolition of the "systemic immunity" has been used in Greece, to overcome the conservatives in the reform and the IMF bail-out concerns is critical.The international monetary fund (imf) declined to comment on these underlying
conditions, and said to the United States congress approved the overall quota reform still cautious about the prospect of.