Belgian minister calls for G20 representation

23rd October 2010, Comments 0 comments

Belgian Finance Minister Didier Reynders, representing the European Union at Group of 20 talks in Seoul, Saturday called for Belgium and other small EU nations to be given a place in the G20.

Reynders, whose country currently holds the rotating EU presidency, was commenting after G20 finance ministers struck an agreement there on reforming the International Monetary Fund to give a greater say to emerging nations, Belgian news sites said.

The IMF reform will mean that China, India and others will gain more weight at Europe's expense, enabling the Washington-based Fund to better reflect the shift in global power.

With eurozone nations heading for a possible group seat on the IMF, rather than individual seats, Reynders suggested that the G20 bloc mirror IMF representation.

Belgium for example could rotate with The Netherlands, he said.

IMF managing director Dominique Strauss-Kahn said that in the deal to reform the IMF's 24-member board of governors, Europe had agreed to give up two seats. About five percent of voting rights will be transferred, and Brazil, Russia, India and China will all be among the top 10 IMF shareholders.

© 2010 AFP

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