Can European nations give up seats on the board of the IMF?

By saying in a personal capacity   that European countries must give up seats on the board of the International Monetary Fund if the institution is to remain credible, Paulo Nogueira Batista who represents Brazil and eight other countries on the fund`s executive board took the lead here to warn his colleagues and the rest of the world.

 Correcting the over-representation of Europe in the fund executive board has to and must be the natural way to make the International Monetary Fund more representative of the global economy. Laurean W Rutayisire from Rwanda and Kossi Assimikidou from Togo who represent 23 African countries and Samuel Itam from Sierra Leone with Moeketsi Majoro from Lesotho who represent the other 20 African countries should joint voices with the Brazilian representative at the IMF.

The financial institution is changing and has to move for the better in the right direction despite the scope of its development challenges.

Paulo just want words and intention to be put in practice. In a letter sending to the Financial Times, he wrote, < advanced countries talk loftily of shifting power to emerging markets, but we now need more than speeches and noble declarations....>  He thinks that europeans will drag their feet to put in act what they promised long time ago.

 His views are shared by officials from emerging markets who have long complained that the IMF is dominated by Europe and the US. By convention The International Monetary Fund (IMF) works to foster international monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

Created in 1945, the IMF is governed by and accountable to the 187 countries that make up its near-global membership. and European countries appoint the managing director of the IMF. 

Debate on IMF reform has been forced by a procedural manoeuvre undertaken by the US last month, in which it declined to re-elect the 24 member board in its current form. The move compels countries to reorganise the board before November 1.

In another hand might be the US are pushing emergent markets to play their part in a democratic way and in a world where they are allowed to decide which direction they want to go. The move might be another blow for the relationship between Us and Europe...And European nations might have to review their long-established coalitions of countries and also US to lose some power over important decision...