From The New York Times:
In an effort to gain Chinese cooperation on international economic issues, the Bush administration is pushing for China and other developing nations to get more power in the global institution that has played a central role in easing myriad financial crises since the end of World War II.
But the American-led effort to increase influence at the International Monetary Fund for China ” and for South Korea, Turkey and Mexico, as well ” is being resisted by several countries in Europe, which would lose power to those who would be gaining it.
Administration officials argue that the I.M.F. has to be restructured to reflect the strength of fast-growing countries in Asia, Latin America and parts of Europe so these countries have more of a stake in a 60-year-old international system that oversees potential problems from the huge global flows of currency and capital.[Full Text]
