"The G30, a group of prominent bankers, policymakers and economists, called on Monday for sweeping reforms to the International Monetary Fund (IMF), warning that the impetus for change would wane as pain from the financial crisis fades.... The group proposed a new IMF governing council that could parallel membership in the newly empowered G20 emerging and rich nations and it recommended more use of flexible credit lines that emerging economies can draw on in times of need...." [Reuters/Factiva]

Dow Jones adds that "...in a report on IMF reform, the G30 said no individual country should be able to veto decisions by the body, and supported the idea of the IMF acting as a global reserve, using its various lending facilities. It also said the fund's Article IV consultations should provoke frank discussion and provide more specific policy advice, in order to be perceived as a legitimate forum...." [Dow Jones/Factiva]

The FT reports that "...Mexican central bank Governor Guillermo Ortiz said the transfer of at least 5 percent of IMF votes to emerging markets agreed by the G20 was a 'step in the right direction' but fell short of what was needed to boost the fund's legitimacy and effectiveness. Bank of Israel Governor Stanley Fischer said: 'The Fund's system of bilateral and multilateral surveillance needs to be reinforced, buttressed and made more effective.'..." [Financial Times/Factiva]