Ministers prepared the EU’s position on the Spring IMF Meeting. They agreed to support the resolution of the IMF’s Executive Board on quotas and voice reform that will achieve a significant shift in the representation of dynamic economies, many of which are emerging market countries, and give poorer countries a greater say in running the multilateral institution. The EU is optimistic that a successful outcome can be delivered. EU Members are fully committed to reach an outcome that enhances the legitimacy of the IMF by ensuring a fair and adequate representation for all members.
The ministers and governors also underscored the need to establish an integrated budgetary framework for the IMF, with a new income model based on different sources of income. They also supported the budget reductions envisaged by the IMF and steps to decrease costs.