Finance ministers from the Group of 20 are scheduled to gather for the first time in 2015 early next month in Istanbul. It will be an important meeting for them. They will be showing the world whether they should be taken seriously.
In November, the G20 gave Washington an ultimatum: ratify the four-year-old agreement to overhaul the International Monetary Fund or else. Washington ignored the threat. It is unclear if the new Republican-led Congress has any interest in the issue. IMF reform could be dead unless someone displays an extraordinary commitment to revive it. Major changes at the IMF require the support of members controlling 85 per cent the votes. As the largest shareholder, the U.S. commands more than 17 per cent, an effective veto. Washington literally is an anchor on the desire of the rest of the world to move forward.
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