Remarks from CIGI Executive Director Thomas A. Bernes presented at the G20 Seoul International Symposium: Toward the Consolidation of G20 Summits - from Crisis Committee to Global Steering Committee, September 28-29, 2010.
Note: These remarks were delivered prior to the Oct 23, 2010, G20 Finance Ministers' meeting where agreement, in principle, was reached to adjust IMF quotas and chairs, with details to be worked out by 2012.
"The global financial crisis coincided with and was preceded in some degree, by an IMF crisis. The latter, the IMF crisis, was in part as a result of neglected governance issues particularly on the part of the G7 as it involved the IMF and their relationship. These issues need to be addressed by the G20 because they are still there and if they are not addressed they will fester again. The question becomes, will the G20 help or hinder addressing the issues of IMF legitimacy and governance?"