Euro Currency already costs EU two IMF seats

The 48-nation Asia-Europe summit ended with agreement to consolidate a fragile economic recovery and ensure that reform of the International Monetary Fund gives more power to the emerging economies of Asia and other continents.

"This process needs to take into account the realities of today's world economy - the shifts that have been taking place, and the strong growth in dynamic emerging markets and in developing economies," EU President Herman van Rompuy said.

The EU offered last week to give up two of the eight seats its members hold on the 24-member IMF board, to make room for emerging nations, but analysts called the gesture insufficient. The United States wants the board cut back to 20 seats, with fewer Europeans. The issue is set to go to a Group of 20 major economies summit in Seoul next month.

The full report is in EurActiv, linked here. It appears if a further two will also be needed to be ceded before negotiations are concluded, it will be amusing if the final agreement on this considerably reducef European role will co-incide with the break-up of the common currency especially coming on top of the huge loss of wealth the euro has caused all Europeans.