Home
Washington fears declining influence due to obstruction of the reform of IMF
3/18/15
: Barack Obama's administration confirmed Tuesday, in the words of Treasury Secretary Jacob Lu, blocking the US Congress to reform the International Monetary Fund has threatened to "credibility and influence" of the United States in the world.
Lu said at a hearing before Congress that "our sincerity and international influence are at stake."
Apply the fix Monetary Fund, which gives emerging nations a bigger role and doubles permanent resources remains, commenting two years ago waiting to be ratified by the US Congress, which is dominated by Republicans.
The Democratic administration tried to move this file in recent months, but to no avail, sparking resentment at the forefront of the emerging economies of China.
Lu said, "repeated failures (...) pay other countries, including some of our allies, to question our commitment within the International Monetary Fund and other organizations."
He explained that this disruption also pay emerging countries to create a "parallel" excluded from the United States financial institutions. In this context, it created Brix Group, which includes Brazil, Russia, India, China and South Africa's monetary fund last year.
He believed that if the ratification of the reform of the IMF will allow the preservation of "leadership," the US within the institution where the United States has veto power exclusively.
[You must be registered and logged in to see this link.]
