January 10, 2011
Regarding ‘IMF votes to shift more power to developing countries‘:
Article 138§2 of the TFEU prescribes that “the Council may adopt appropriate measures for ensuring a unified representation (of the EU) in international financial institutions”.
The recent reshuffle of seats and voting rights within the IMF was a unique occasion to trigger that clause in the obvious interest of EU monetary union.
It is therefore unfortunate that neither the European Commission nor the European Parliament have raised this issue. Particularly so in present circumstances, when EMU is faced with a dire existential crisis and in urgent need to prove its cohesion and unity to the global financial community.
UEF FranceAuthor : Letters to the EurActiv editor