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The time for concessionsStill other sectorsEuronext was not fully satisfactory. His eyesSo far they worked mainly in point to pointOur assessments are already internationalIt is a fundamental business of the groupDebate closedDuring the debate life continuesBecause that says campaign said confrontationHe tried to hide the figures inconvenient But it is quitedecouplethese two aspectsWhich are prior to the European directive"Back in business". The international monetary Fund (IMF) is back on the world stage. And for cause, the crisis seriously shook several Central European countries, forced to use its facilities for loan subject to collapse. The IMF, directed by Dominique Strauss-Kahn, is called to see its role strengthened. And not only that of firefighter. Leaders of the G20 meeting in London, will discuss an increase in its powers in economic monitoring of the international financial system in association with the financial stability Forum and the Organization for cooperation and development. As noted by Dominique Strauss-Kahn, last Friday in Paris: "We are witnessing an important evolution of the philosophy of the Fund." We need change and reform of the Fund. "Witness to this development: the creation, last week, a new credit facility. "The flexibility of our facilities for loan and a simplification of cross-compliance will we help to respond more effectively to the needs of our member countries, which will help them overcome the crisis and return to sustainable growth", commented the Director General of the institution. To further strengthen its role of monitoring of the global financial system, the g-20 leaders will also debate an increase in the resources of the IMF to wear from 250 to 500 billion dollars, or more. The Japan is committed to the tune of $ 100 billion; the European Union has pledged the same amount (75 billion euros). China has expressed its interest to take out a loan that would be issuing the funds and denominated in special drawing rights (unit of account of the IMF made a basket of dollar, euro, yen and pound sterling). More announcements are expected. The United States have indicated their intention to triple the resources of the Fund, without however specifying how they would put on the table.
Mission extended
On the other hand, the reform to give more power to the emerging countries in the IMF and the World Bank will take more time. The transfer of 10 of the voting rights of the rich countries to emerging countries, a step which took place last year, will take place until 2014. The process was initiated and should not be changed at the G20. Remains that the acts were not followed. The reform of the voting rights still requires to be approved by the parliaments of the Member countries. Congress, for example, it is still not yet before the.
Beyond this financial aspect, the mission of the IMF (monitoring of the balances of payments and exchange rates, concessional loans and technical assistance...) should be expanded so that the multilateral institution has a right to look at the strength of the international financial system. The institution should be able to trigger alerts for drift. An important step was taken last year when China and the United States agreed for the first time that the international monetary fund could conduct an investigation on the strength of their domestic financial system. But it remains to know if those countries that are picks the finger by the IMF to bend to its recommendations. The restoration of legitimacy would increase by a greater role of developing countries, according to the leaders of the latter.
