News release: “The Executive Board of the International Monetary Fund (IMF) today approved proposals that will lead to a major overhaul of the Fund’s quotas and governance, strengthening the Fund’s legitimacy and effectiveness.,,As part of the far-reaching reforms, the Executive Board proposes completion of the 14th General Review of Quotas with a doubling of quotas to approximately SDR 476.8 billion (about US$755.7 billion at current exchange rates) and a major realignment of quota shares among members. It will result in a shift of more than 6 percent of quota shares to dynamic emerging market and developing countries and more than 6 percent from over-represented to under-represented countries, while protecting the quota shares and voting power of the poorest members. The Board also endorsed proposals that would lead to a more representative, all-elected Executive Board…The 10 largest members of the Fund will consist of the United States, Japan, the “BRICs” (Brazil, China, India, the Russian Federation), and the four largest European countries (France, Germany, Italy, the United Kingdom). The Executive Board endorsed a timeline that calls for the quota increase and realignments to take effect by the Annual Meetings of October 2012, and Executive Board reforms to be implemented no later than the subsequent Executive Board election, which is scheduled in late 2012.”