Emulating the Private Sector:
The principle of corporate governance need be applied to the BW institutions.
The most important issue to how to reform the countries quotas in the IMF and the chairs in the Executive Board of the fund to provide greater representation to Asia and Africa. Give the growing roles of Asia in the global economies, Asian policy makers have correctly complained about a system of distribution of power within the IMF that does not recognise their growing role and, in part, they have developed institutions for Asian financial cooperation a reaction to their frustration for the lack of recognition of their growing global role. There is room for a creative solution:
Unify the Chairs currently held by the Euro members, thus reducing the number of European Executive Directors, reallocate the existing quotas, reduce the quotas of the European countries to reflect the change in important and power of other regions. Thus, there is now room - and meaningful livelihood for some creative reform that will deliver a more representative IMF in the 21st Century.