Europe must make way in the IMF

The International Monetary Fund is facing the reform of its executive board in which European countries are overrepresented. It's entirely understandable that the Netherlands is fighting for its place there, the left-liberal daily De Volkskrant comments: "But honouring this would have an absurd result. Europe would continue to occupy nine of the 24 seats. This situation cannot seriously be maintained in view of the growing contribution of the emerging countries to the global economy. The IMF's executive board should really be subjected to radical restructuring - the fact that it was founded by Western countries can no longer be reflected in the composition of its executive board. But … the reform of the board is taking place amidst painstaking negotiations, with each country fighting for its own place. That the Netherlands is also doing this is entirely justifiable. … But in the long term the loss of this powerful position is a logical and inevitable step."

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