WORKING PAPER 10-13

The G-20 and International Financial Institution Governance

by Edwin M. Truman, Peterson Institute for International Economics

September 2010

The G-20 leaders' meeting in Seoul, Korea in November 2010 is an opportunity and challenge for Asian leaders in particular. Their test will be, first, to demonstrate that they can responsibly advance economic recovery. They must also deliver on institutional reform, in particular of the International Monetary Fund (IMF). Edwin M. Truman advocates a substantial expansion of the IMF's role as lender of last resort that is integrated with the surveillance role of the IMF in the form of comprehensive prequalification for IMF assistance and policy advice and a substantial increase in the IMF's financial resources. Truman also proposes an approach to meaningful reform of the distribution of IMF quotas along with limiting European seats on the IMF executive board.

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