One of these reforms – the quota and voice reform I already mentioned – concerns the representation of members in the institution and is thus considered as crucial for the future governance and the credibility of the Fund. Moreover, the introduction of multilateral consultations last year constituted a new approach to bring together countries with a shared responsibility for global issues.
The first of these consultations was dedicated to global imbalances and involved the euro area, the US, Japan, China and Saudi Arabia. We at the ECB welcomed these discussions as a way to foster the implementation of the agreed strategy to address global imbalances.