Federal Councillor Hans-Rudolf Merz reinforces Switzerland's claim to a seat on the IMF Executive Board
Bern, 08.10.2010 - Federal Councillor Hans-Rudolf Merz reinforced Switzerland's position on monetary and international financial issues at the Annual Meetings of the International Monetary Fund (IMF). During the press conference in Washington, he conveyed his expectation that Switzerland will continue to be represented with its constituency on the IMF Executive Board in future as well.
This year's Annual Meetings of the IMF and the World Bank commenced with a joint meeting of the G20 finance ministers and the members of International Monetary and Financial Committee (IMFC). The discussions were devoted primarily to the adjustment of the IMF quota shares.
Federal Councillor Merz explained that the quota resources should not be extended beyond a reasonable level, i.e. that they should not be more than doubled. This is in line with the stance that the IMF should not extend its financing role any further. The primary beneficiaries of the quota redistribution should be those countries that are the most underrepresented based on the calculated quota. The financial contributions of the member countries, for example to the IMF fund for low-cost credit and technical assistance for developing countries, should be duly taken into account.
In addition, Federal Councillor Merz reiterated that Switzerland would insist on retaining its permanent seat on the IMF Executive Board. Switzerland's seat is not affected by any possible consolidation of EU representation. With the exception of Poland, the Swiss constituency is made up of countries which are not EU states. Since Kazakhstan became a member, all Central Asian countries are represented in this group.
Switzerland's claim to a seat on the IMF Executive Board is justified in particular by the size and importance of its economic and financial centre, by the significance of the Swiss franc and by its role as a contributor to the IMF.
The Annual Meetings of the Bretton Woods Institutions will continue with the meetings of the IMFC and the Development Committee tomorrow. Furthermore, the most important topics include global economic developments, the IMF's mandate and the role of the World Bank in the wake of the crisis.Address for enquiries
Tanja Kocher, Head of FDF Communications, tel. +41 79 703 49 88
Publisher
Federal Department of Finance
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