Brazil's Meirelles: Bretton Woods needs a rethink
Both the International Monetary Fund (IMF) and the World Bank need to address their legitimacy as part of the policy debate on a Bretton Woods II, said Henrique Meirelles, the governor of the Central Bank of Brazil.
Meirelles said that it was crucial that emerging-market economies had what he termed a "proportional weight" in the governance structure of the Bretton Woods II institutions. He said that it was clear that the G7 alone or even the G10 were not able to address all the relevant issues
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