Global: Financial institution reform may short-change developing countries

Much as developing countries have often taken the approach that 'no deal is better than a bad deal' at the World Trade Organisation (WTO), a strong joint negotiating position would leverage larger gains in the International Monetary Fund (IMF) governance reform process due to be concluded by the end of 2010. Possible gains from a tough negotiating position include a rewriting of the IMF quota formula, double majority voting, more developing country seats on the board, and an end to the US veto.