This commentary points to the IMF as a prime example of the over-representation of Europeans in international fora, which has the effect of actually diminishing Europe’s influence. The representatives are often instructed to defend (frequently divergent) national interests and the net effect is that common European interests are not represented at all. The author argues that the only sensible long-term solution is to pool the IMF quotas of all eurozone countries. thereby giving the eurozone one constituency, or seat, on the Fund’s executive board, filled by a candidate nominated by the eurozone group of finance ministers.
Daniel Gros is the Director of CEPS.