Washington: The US has acknowledged that the creation of new multilateral financial institutions like BRICS bank is a result of the failure of reform of the International Monetary Fund , where emerging economies like India, China and Brazil have negligible voice. Because of the veto power of the US, the reforms of the IMF decided way back in 2010 to reflect the growing importance of major emerging markets in the global economy have not taken place, Nathan Sheets, the Under Secretary of Treasury for International Affairs, said. “These reforms are designed to strengthen the finances of the IMF and give a greater voice to dynamic emerging markets, such as Brazil, China, India and Mexico, while preserving the US veto by a comfortable margin,” Sheets said during a Congressional hearing.
BRICS bank, others result of failure of IMF reform: US
FreePress journal 2015-09-18 19:27
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