However, the most crucial aspect of the reform in terms of global governance is the so called quota and voice reform. One key question is how to ensure that dynamic emerging market economies will have an adequate say in the internal governance of the Fund, and thereby also in global governance in the areas of the IMF's competence.
To achieve this, quota  BIS Review 98/2007  3  shares need to be adjusted to better reflect the relative weight of members in the world economy and voice and participation of low-income countries need to be enhanced. This reform is now nearing a decisive stage. Difficult concessions from all parties are necessary to reach a balanced compromise.