The Prime Minister, on Wednesday, turned his irritation with the G20 in the direction of the IMF. Progress in quota reform was proceeding more slowly than raising resources, he warned. It must be done expeditiously after 2012, he added.
Quotas had to reflect economic weights in a simple and transparent manner, he told the Second Plenary of the G20. To do this, it was necessary to compare GDP on a Purchasing Power Parity basis, he admonished.
“This basic position should not be compromised in any way, and we need to reiterate our position strongly,’’ he said. He also insisted that Europe needed to move towards a banking union to help strengthen financial stability, and that prudential rules would not discriminate against lending to developing countries.