US' Paulson says emerging markets must take more responsibility on world finance |
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Mon, 22 Oct 2007 15:23
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WASHINGTON (Thomson Financial) - Emerging markets now account for more than half of global economic growth and a rising share of trade and investment, so 'it is time that we ask emerging markets to take on greater responsibility in the international financial system,' US Treasury Secretary Henry Paulson said.Paulson, addressing the formal annual meetings of the International Monetary Fund and World Bank, did not define any specific responsibilities for the emerging markets. With greater responsibility, he said 'it is fair for them to ask for a greater share of representation in return.'The US is backing plans to give the fastest-growing emerging markets such as India and Brazil more voting weight in the IMF.Part of the IMF reforms in the works also include stepped-up exchange rate surveillance. To make it work, Paulson said 'IMF staff need to roll up their sleeves, undertake thorough analysis and put forward their judgments.''Without meaningful exchange rate surveillance, governance and management reform will ring hollow,' Paulson warned.On the currently precarious state of the IMF's own finances, he said the organization needed to cut its spending and find long-term financing sources.dennis.moore@thomson.comdem/wash/roCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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US Treasury chief says World Bank still relevant for poorest nations 