April 20, 2012 / 8:27 PM / 7 years ago

EU to cut IMF board seats in autumn- EU's Vestager

WASHINGTON, April 20 (Reuters) - The European Union will reduce the number of its seats on the board of the International Monetary Fund by two in autumn, Danish Finance Minister Margrethe Vestager, whose country holds the rotating EU presidency, told a news conference.

“I think when it comes to IMF governance we confirmed our strong commitment to stay on track and we are on track and we will also deliver when we see autumn coming up because this is a very important constitutional reform,” Vestager said.

EU finance ministers agreed in October 2010 that the EU would cede two of its eight seats on the board of the IMF to emerging economies under a new power-sharing scheme for international financial institutions.

Germany, France and Britain have their own seats on the 24-member IMF board, which approves emergency loans and oversees the way the fund is run.

EU member states Belgium, the Netherlands, Spain, Italy and Denmark represent groups of countries. Switzerland, although not part of the EU, also has a chair, giving the Europeans nine in total.

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