I.M.F. Votes to Enhance Power of China and Others – Steven Weisman

From New York Times:

Member states of the International Monetary Fund, yielding to demands from China and leading Western countries, voted Monday to adopt a disputed plan to modify the fund’s power structure and take steps to expand the voice of China and other rapidly developing nations.

The modification of the governance of the fund, the international agency that monitors the global economy and rescues countries from insolvency, was widely described as the biggest step since the fund was established in the 1940’s, the era when the victors of World War II created the vast cooperative superstructure for the world economy.

China’s share of the votes at the monetary fund, which has 184 members, would go up only slightly, to 3.719 percent, from 2.98 percent. The shares of South Korea, Turkey and Mexico, the other countries that gained more power from the vote on Monday, also rose a similarly modest amount. But the change was hailed by the United States and other nations as a decisive reform.[Full Text]

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