European nations are scrambling to protect their seats on the board of the International Monetary Fund after facing a fait accompli served by the United States of America which has refused to extend the tenure of an expanded board.
The United States has to agree to let the board maintain an additional 4 seats on the board, which is over and above its approved strength of 20.
Over the years EU nations have been renewing the expanded strength of the board which allows them an increased presence on this important international monetary organisation by occupying additional seats.
The American veto over the annual renewal will mean the EU countries will have to shed atleast two seats, which will go to emerging economies.
EU finance ministers will meet tommorrow in Brussels to sort their respective positions on the issue.
Group of 20 leaders agreed last year to enhance the voting power of China and other emerging economies and planned to reach a consensus at a summit this November in Seoul.