Berlin - The euro zone should have its own single representation at the International Monetary Fund (IMF), the European Central Bank's chief economist said on Monday, a call which may encounter resistance around the bloc.
Peter Praet's remarks come as the European Union is already preparing to reduce its presence at the global lender - part of reforms to give emerging economies such as China, Brazil or India a bigger say.
On Monday, Praet made the case for the 18 European countries that use the euro to have their own seat on the IMF's board.
The board oversees the daily operations of the Washington-based organisation and is responsible for approving billions of dollars in IMF loans to troubled euro zone countries like Greece, Portugal and Ireland.
“It would be much better to speak with one voice than what we have today so I'm very much personally in favour of a single euro area constituency in the IMF,” Peter Praet said at an industry event in Berlin.
Suggestions that the 18 countries using the euro take their own joint seat could encounter resistance from some of the bloc's bigger countries, such as Germany and France, which may fear a loss of influence.
Choosing the person who would represent the euro zone, an uneasy alliance of countries that reaches from Athens to Dublin, could also prove divisive.
Cutting the European presence on the IMF's board, agreed in 2010 but yet to happen, answers criticism that Europe is over-represented with eight seats. - Reuters