And, above all, it seems to me that this is the wrong question or solution given our current challenges: while the issue at stake here is improving dialogue with a view to achieving concerted and operationally-applicable solutions, I do not believe that anyone really asserts that the optimal way to enhance the future of our financial cooperation is to alter the composition of the 24- or 25-strong IMF Executive Board by 3 or 4 members. Nevertheless, I consider that a number of principles should guide this desired reform: governance today should be adapted to a multipolar financial world. While all members should be represented in proportion to their involvement and responsibilities, more than the complex calculations of quotas and voting rules, we should fundamentally focus on the functioning and mandate of the IMF. In this respect, senior officials should be appointed strictly on the basis of their expertise and the IMF’s mandate should be expanded. Focusing on exchange rate developments alone is no longer sufficient, and if the IMF is to be able to contribute to ensuring international financial stability, it must pay greater attention to capital account developments. Furthermore, this contribution cannot simply be a matter of complying with a rigid and uniform body of rules. It must take account, in a balanced manner, not only of each country’s level of development but also the systemic risk that it constitutes within the global financial system.

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