European differences with the Obama administration threatened to overshadow today's G20 summit in Pittsburgh with Britain and France yesterday pushing against the US over plans to overhaul the International Monetary Fund.
UK and French officials were exasperated over US proposals that could threaten both countries' seats on the IMF board of directors, the Financial Times has learnt. The UK and France publicly support the reweighting of the IMF's shareholding structure to give a greater voice to the larger developing countries, including China and India.
Under the US plans, the IMF board would be reduced from 24 seats to 20 with fewer European representatives.
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