IMF must continue to reform no matter who is at the helm

THE EXECUTIVE BOARD OF THE INTERNATIONAL MONETARY FUND announced on Tuesday that it has accepted the resignation of Managing Director and Chairwoman Christine Lagarde, who is to take over as head of the European Central Bank, and it has initiated the procedure of looking for a successor. China Radio International comments:

The IMF is at a critical moment in the reform of its members' quotas and voting power. No matter who succeeds Lagarde, it is important the IMF continue to enhance the voice of emerging markets and developing countries, so that it can strengthen its legitimacy and effectiveness.

Given their fast growth and contribution to global growth - half of the world's gross domestic product is generated by emerging and developing economies, and they also contribute 80 percent of global economic growth - they should have a greater quota and voting power in the organization so that it can better fulfill its duties.