Wall Street Journal: "Turkey may replace Belgium on the IMF executive board"
Amid debate over reforms to the International Monetary Fund in the runup to its annual meetings next week in Washington, the Wall Street Journal last week wrote that there could be a compromise on the European Union relinquishing two of its seats on the IMF Executive Board to make room for rising economic stars like Turkey. Stating that modest and temporary reforms could be made to the structure of the IMF before comprehensive ones, it said countries such as Turkey, Poland or South Korea could replace Belgium, the Netherlands, or Denmark on the board. IMF Managing Director Dominique Strauss-Kahn last week urged that emerging economies be given a stronger say at the Fund's helm, reducing excessive European representation on its board. In related news, Black Sea Trade and Development Bank (BSTDB) head Andrey Kondakov over the weekend said Turkey has become the leading country of its region thanks to it forging successful trade and investment ties with neighboring countries. Stating that Turkey had started to attract investments from its neighbors, including Greece, Kondakov said, "Turkish entrepreneurs' work in Black Sea countries isn't confined to the manufacturing, construction, retail, tourism and finance sectors but also includes active trade in such sectors as transportation, telecommunication and energy." Praising Turkey's improving relations with its neighbors, Kondakov said the BSTDB sees those ties as an model and will support mutual investments between Turkey and regional countries.