Reforming Global Institutions
The International Monetary Fund (IMF) plays an integral role in promoting stability and growth in the global economy. As a key institution in global economic policymaking, it is important that the IMF has enough resources and is a credible and legitimate institution to fulfil this role.
In recent decades, emerging and developing economies have become bigger players in the global economy. However, their representation at the IMF has not kept pace with these changes.
The G20 will continue to support the United States in its efforts to pass the reforms agreed by G20 Leaders in 2010 as soon as possible. If these reforms remain outstanding by year-end, the G20 will ask the IMF to develop options for next steps early in 2015 to ensure that it remains strong, influential and representative of the global economy.
The Financial Stability Board (FSB) is also undertaking a review, to be complete by the Brisbane G20 Summit, of the structure of its representation that responds to the increasingly important role of emerging markets in the global economy and the financial system.
Members are also looking at how to strengthen other global institutions to ensure their ongoing relevance to the global economy of the 21st century, including the global trading system and energy markets.
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