IMF Chief: Fair For Europe To Make Room At IMF Board.
World Bank - "International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn weighed in to a power struggle on Tuesday over Europe's dominance at the IMF, saying it was fair that European countries give up board seats to make way for emerging economies. Strauss-Kahn, speaking at a news conference ahead of IMF and World Bank meetings in Washington on Oct. 8 and 9, said a meeting of European countries in Brussels would come up with a proposal within coming days ...
The IMF board has 24 seats, some of which are permanent and some of which rotate. European countries hold eight or nine seats at a time. ...Strauss-Kahn said the issue had to be resolved by the IMF membership and it was not his role as managing director to be involved. He said the make-up of the board should reflect the Group of 20 major economies and countries like Turkey should have a more prominent role. Currently, Turkey and a constituency of other countries are represented at the board by Belgium. ..." [Reuters/Factiva]
Xinhua notes that "Job creation was as important as economic growth rate, while the economic recovery pace in different regions of the world was uneven, Dominique Strauss-Kahn said on Tuesday. ...
He believed that it was not only the economic growth rate that counted, 'but we should also stress creating more jobs.' In response to a Xinhua question about the current global economic recovery scenario, he said in many parts of the world, 'the light is shining,' adding that in China and other emerging markets, the rebalancing of economies that relied more on domestic demand was underway starting a couple of years ago. ..." [Xinhua/Factiva]
AP reports that "...Speaking of the global economy, Strauss-Kahn said it would be difficult to say the crisis that began toward the end of 2007 is over until 'unemployment is really decreased.' Strauss-Kahn said the risk of a jobless recovery 'is still real. Even if the recovery is secure, the question is how many jobs this will provide.' ..." [The Associated Press/Factiva]