Washington moves to pre-empt 'Asian IMF'

[Mono]

Jun 11, 2005


Washington moves to pre-empt 'Asian IMF'

In his testimony on Tuesday at a Senate banking subcommittee hearing, Quarles urged progress on the IMF votes issue. However, he added that it should not be linked to an increase in the IMF's quota resources given the current strength of the Fund's financial position. Washington is now proposing shifting quotas within the existing total. Quotas generate most of the IMF's financial resources. A few members of the Group of Seven (G7) most industrialized nations, comprising Britain, Canada, France, Germany, Italy, Japan and the United States, hold a majority of the shares allocated by the quota system. This allows them to dominate the institution's decision- making process. The size of the member's quota determines the country's voting power and the country's borrowing rights.

But now the United States says it wants reform at the Washington- based IMF to reflect the advent of monetary union in Europe and the increasing role of fast-growing emerging markets, especially in Asia. "Change will not come quickly or easily. The issues are complex, and extensive dialogue and cooperation will be needed to find a way forward," Quarles said. "Yet we believe the effort is worthwhile - and indeed essential to the long-term effectiveness of the institution. An IMF for the future must be an IMF in which all have a stake."

Despite being international institutions that preach good governance, decision-making in the IMF and the World Bank is far removed from the principle of one-country-one-vote. Directors from countries of the G7 control more than 60% of votes on the boards of the World Bank and the IMF. The US has veto power over any extraordinary vote that requires a supermajority vote of 60% or more. Critics say this system has deprived more populous, and now economically successful nations like India and China, which combined represent more than 2.3 billion people of the world's seven billion people, of a real say, while giving countries like Britain, France and the United States greater clout.

Many analysts see the US calls for reform as a tactic to retain influence within the world's most important financial institutions, especially as Asian countries, flush with currency reserves, are reportedly moving toward more integration among themselves. If it happens, this will make the IMF less relevant, they say.

One of the congressional hearing witnesses, Allan H Meltzer, a visiting scholar at the American Enterprise Institute in Washington, suggested the large accumulation of reserves by Asian countries, as well as their moves to further advance toward development of a regional financial bloc, indeed pose a threat to the Fund. This recognition in the United States, says one analyst, explains why Washington is willing to allow Asian nations greater influence within the existing Fund structure for the sake of pre-empting any Asian competition to the IMF.

"The US is going to give them [Asian countries] as much of an increase as possible in voice and vote on the IMF by allowing them to increase their quotas without the US giving up its dominant share," said Rick Rowden, policy officer at Washington-based ActionAid International USA.

"They are going to say 'okay, okay, we'll give you a little more say in the IMF', but the Treasury department is not going to give away the shop and surrender its dominance on the IMF board," Rowden said. "So it's really a strategy of co-optation and really a pre-emption of the Asian Monetary Fund idea." His perspective is supported by the fact that Quarles said the US is pushing for a number of other changes at the IMF.

Key priorities for the United States, he said, include strengthening IMF surveillance and crisis prevention; supporting economic liberalization in the absence of lending; and enhancing the IMF role in low income countries to achieve better results - all changes that appear designed to respond to past criticism of the IMF's role in an increasingly suspicious world.

By: Emad Mekay, Asia Times Online
(Inter Press Service)

Мотивации США понятны. США хочет дать больше голосов и квот в МВФ-е Азиатам за счет Европы чтобы для Азиатов МВФ оставался привлекательным. Естественно Европейские страны будут против но их мнение никто не услышит. Если США решит значит решит.

Азиаты думаю согласятся на первом этапе на такое щедрое предложение но через 5 или максимум 10 лет кинут Запад.

[Hrach_Techie]

конечно кинут Запад ведь знает .... Армении толже надо направлять свою дряхлую идеологию ... для таких стран как она давнол рора пере осмыслить бразды Пи АрА - он же почти как дохл ... туристов мало - потому что не тот сервис - компаний мало потому что англ яз не на том уровне потому что Ц защищённости нет потому что менеджмента хорошего нет ... вот Я тпиком нгиже задал вопрос потому что мне щас дали задание как продвинуть дальше весь индивидуализм в сообщества и камюнити ... не клеится продолжу потом ...

[Mono]

Hrach_Techie

В Армении потеряна мотивация к труду. Особенно если она подразумевает службу в какой то иерархии.

Я тебе приведу простой пример, допустим ты потратишь уйму денег и кого то превратишь в проффесионального менеджера с хорошим знанием английского. Он немножко поработает и свалит из Армении куда нибудь подальше где он сможет подзаработать больше нежели в Армении.

Что будет его удержать здесь ?
Даже если он привязан к родине и к семье то он опять таки свалит. Мышление таких людей примерно такое. *Пойду к я на несколько лет в хопан на запад. Подзаработаю деньжат. Куплю тут квартиру. Один для себя другой для аренды а также открою для себя тут какой нибудь обьект и заживу спокойно со своей семьей.*

Зачем тут вкалывать если один и тот же эквивалент Ккалорий потраченное в загранице принесет больше пользы нежели здесь.

И так получается что в Армении идет перманентная нехватка квалифицированных людей.