WASHINGTON (Reuters) - Emerging-market economies should be given an increased say in global financial institutions at the cost of rich countries, Treasury Secretary Timothy Geithner said on Saturday.
In a speech to the International Monetary Fund, Geithner repeated a call for emerging market countries to adopt market-oriented currency exchange rates and said the U.S. would back developing counties in a bid for more IMF power.
He said what was on the table from the developed world in talks on the issue did not go far enough.
“We support a reduction in the size of the Board that preserves the existing number of emerging market and developing country chairs, including a move to all-elected chairs,” Geithner said.
A current effort to rejig voting quotas within the IMF “falls short” of what is needed to give an adequate say to developing markets.
Reporting by Glenn Somerville; editing by Patrick Graham