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Europe’s influence waning at the G20 and the IMF
Tags: Excerpts from the Windmill
WASHINGTON – The Netherlands may be among the top 20 economic powers in the world, but it is not considered to be part of the G20 or of the 24-member board of the International Monetary Fund. In fact, Europe’s joint influence was recently reduced at the IMF, to allow emerging powers such as Brazil, Russia and India a greater say. At the IMF, China surpassed France, the UK and Germany to claim a third place behind the U.S.A. and Japan, which occupy the top spots in the organization. The U.S. had aimed for a still greater reduction in the extent of Europe’s influence. Meanwhile, it does not help the EU that a number of its member nations have financially ailing economies. Greece is already joined by Portugal and Ireland in that category but there are also concerns over Italy, France and the U.K., which all have budget shortfalls double the percentage rate of the Netherlands.