Date
28 March 2017
Jeroen Dijsselbloem says the US should not isolate itself, especially now that China is playing a bigger role in international financial institutions. Photo: AFP
Jeroen Dijsselbloem says the US should not isolate itself, especially now that China is playing a bigger role in international financial institutions. Photo: AFP

US should ratify IMF reform to avoid isolation: Eurogroup chief

The United States should quickly ratify the 2010 reform of the International Monetary Fund, which gives emerging economies more say in the fund, Reuters quoted the chairman of the eurozone finance ministers as saying.

Political deadlock in Washington has prevented the US Congress from ratifying the reform, holding up change in the IMF, angering emerging economies that do not feel their representation in the fund reflects their growing importance.

“We strongly hope the US Congress starts taking some responsibility again for international financial institutions,” Jeroen Dijsselbloem, who chairs monthly meetings of the eurozone finance ministers, told a business lunch Thursday.

“I would say it is in the US’ interest to do that. They should not be isolated, especially not as China is becoming more and more active in our institutions, which is welcome,” he said.

“I think the US should make sure that it stays very much involved and in the lead, instead of taking the current defensive position,” Dijsselbloem said.

“Of course, I am not criticizing the administration, but I am criticizing the guys on Capitol Hill.” 

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RC/FL

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