MONBIOT ON THE IMF

Monbiot on the IMF:

A major IMF decision requires 85% of the vote, which ensures that the US, with 17%, has a veto over its substantial business. The UK, Germany, France and Japan have 22% between them, and each has a permanent seat on the board. By a weird arrangement permitting rich nations to speak on behalf of the poor, Canada and Italy have effective control over a further 8%. The other European countries are also remarkably powerful: Belgium, for example, has a direct entitlement to 2.1%, and indirect control over 5.1% of the vote: over twice the allocation of India or Brazil. Europe, Japan, Canada and the US wield a total of 63%. The 80 poorest countries, by contrast, have 10% between them.



More here.