Organizations can not have a common interest on behalf of the euro area

European financial leaders in Europe have taken the trouble to warn his constituents, some of the major developing countries are turning the existing world economic order. However, faced with the reality of the international financial system, they separate the event, their behavior did not show such a sense of urgency. This is particularly evident in the euro area.

It is said that the euro area financial institutions do not have a common euro-zone may represent the general interest.

Euro-zone countries in the IMF's influence in fact, slowly weakening. In the international financial system, the euro area in fact, no real representation. IMF board, 12 euro zone countries through six different "representative" or group of countries "to be represented." The two largest countries, Germany and France, have representation. The remaining four countries are Belgium, the Netherlands, Spain and Italy, only a portion of the rest of the euro area member states representation. However, this also includes four representatives of the country more than 20 countries, most not even the European Union.

Together with the Nordic countries and the United Kingdom representation, according to IMF's Articles of Agreement, the European can have 20 members Board of Directors, Executive Director of IMF, which means that 40% of the European Union, 1 / 3 from the euro zone.

IMF there are too many Europeans in fact weakened the influence of Europe, because they are usually on behalf of States to protect their national interests, but the interests of individual countries and the euro, the EU's general interest is usually divergent. Finally, the net effect may be, the general European interest has not been represented.

In the IMF should engage in a representative of the euro area, or seats, IMF executive director should be nominated by the euro zone finance ministers. European Central Bank might also be included in, to nominate deputy executive director of the euro area. In this way, the European financial and monetary authorities will be working together, focus on impact of IMF decision-making process. As a result, the euro zone will be more representative of the IMF's influence, the United States IMF rule will pass.

However, Germany may not agree with the other European countries with weaker economies to share in the IMF's representation has represented the European countries will not easily agree to give up its seat in the IMF. The only way for the only under-represented developing countries to increase more temporary seats. But this will not last forever, because if the long-term way, IMF Board of Directors will become less and less effective.