What needs to happen to ensure that the views of emerging markets and low-income countries are heard?
Moghadam: We have already made progress. The package of quota and voice reforms that was approved by the Board and by the Governors of the Fund in 2008 took us an important step forward in that regard. For example, we have had a rebalancing of the quota shares that increases the quota ratios of emerging markets and developing countries relative to the advanced economies. That’s an important step. The package also tripled the basic votes given to the membership, which boosted the representation of those countries with the lowest quota share, primarily low-income countries. The package also guarantees that this share will not decrease in the future. Finally, the reform package also increased the resources available mainly to the low-income chairs of the IMF’s Executive Board. Now, that was the first step. One needs to go beyond that. How to do so is a question for the membership at large. It’s an issue currently being considered at the Board and elsewhere, for example in the G-20. I thin
