Since the foundation of the International Monetary Fund in 1945 the organization has been criticized for numerous reasons, one of them being the way in which members obtain their voting power. At the moment this is still determined by the height of the monetary input of a member country. Given the fact that poor countries have more to suffer from the raging crisis this voting distribution doesn’t work anymore. Now the organization, which relies on this monetary input, is willing to shift five percent of voting power currently hold by rich countries to developing countries, a process that will take a lot of time.Joeri Maes
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HELD
Very coherent text - well-done!
Since the foundation of the International Monetary Fund in 1945 the organization has been criticized for numerous reasons, one of them being the way in which members obtain their voting power. At the moment this is still determined by the height of the monetary input of a member country. Given the fact that poor countries have more to suffer from the raging crisis this voting distribution doesn’t work anymore. Now the organization, which relies on this monetary input, is willing to shift five percent of voting power currently held by rich countries to developing countries, a process that will take a lot of time
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