This is my last example of the substantial developments that the governance of the world economy is experiencing in terms of format. The key issues here are quota and voice, two important elements defining the representation of Fund members. 16 In addition, the way the IMF carries out its policy work is changing.
For instance, last year saw the launch of the first multilateral consultations, an innovative approach that aims to bring together countries with a shared responsibility for global issues. These first multilateral consultations were dedicated to one of the key risks weighing on the world economy, namely global imbalances.