By Eloise Nosworthy
Earlier this week, the G20 announced it had agreed to make some fundamental changes to the IMF. The plans include the election, rather than the nomination, of Executive Directors, and a comprehensive set of practical reforms to do with currency manipulation and the resulting economic tensions between countries.
Most importantly, however, is the decision of abandoning two European seats in favour of developing countries. Dominique Strauss-Kahn, the Director of the IMF, has described this moment as historical, stating it was probably “the biggest reform ever in the governance of the institution”. The decision was taken in response to an increasingly tense economic and political situation, in the hope that progress can be made on some controversial international issues. Read full article »