UTLink: Kirton, John. The G-7, the Halifax Summit, and International Financial System Reform. Note #32

Note:

32. The sherpas were conscious of the experience at Madrid in the autumn when the G-7 had stood alone against the developing world and others on their proposals for a special SDR allocation, and been rejected. They were also aware that the G-7 did not command a majority of shares in the IFI's, where they were joint owners with the developing countries. The United Nations' Plan in the Bretton Woods institutions, its strategies for pursuing reform had to be different in each domain. The lesson for many was that the G-7 had to be more flexible and inclusive in its process of charting international institutional reform. Their options were to initiate a process to define a process rather than issuing a call that just disappeared, or involving more people, and other stakeholders, perhaps in a "variable geometry/geography" arrangement that had implications for the overall evolution of the G-7.