US must ratify IMF reform to avoid isolation: Eurogroup FM

The United States should quickly ratify the 2010 reform of the International Monetary Fund, which gives emerging economies more say in the fund, to avoid isolation at a time of growing Chinese influence, the chairman of the euro-zone finance ministers said on Thursday.

The US Congress has not yet ratified the reform because of political deadlock in Washington. This is holding up change in the IMF, angering emerging economies that do not feel their representation in the fund reflects their growing importance.

"We strongly hope the US Congress starts taking some responsibility again for international financial institutions," Jeroen Dijsselbloem, who chairs monthly meetings of the euro zone finance ministers, told a business lunch.

"I would say it is in the US interest to do that, they should not be isolated, especially not as China is becoming more and more active in our institutions, which is welcome," he said.