G30 calls for reform of IMF

The G30, a group of prominent bankers, policymakers and economists, called for sweeping reforms to the International Monetary Fund (IMF), warning that the impetus for change would wane as pain from the financial crisis fades. In a report released on the sidelines of the semi-annual IMF and World Bank meetings, the G30 said nations should quickly change the way the Fund is governed to reflect shifts in global economic power, and move to enhance its ability to provide reserves to calm future crises. The group proposed a new IMF governing council that could parallel membership in the newly empowered G20.