Saturday, September 11, 2010

U.S. Pressures I.M.F. to Expand Role of Growing Economies

In a move that has met with resistance in Europe, the United States is pushing to reduce the Continent’s influence over the International Monetary Fund and grant more of a say to economies outside of Europe that are growing and leading the global recovery.

The move could shape the governance of the fund, which has taken a more prominent and stronger role after the financial crisis.

Since the onset of the crisis, the I.M.F.’s lending commitments have soared to $195 billion from less than $2 billion in 2007, and total capital on hand is set to rise to about $850 billion from $250 billion.

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