Editing International Monetary Fund (section)

===Inflexibility of voting power===
Quotas are normally reviewed every five years and can be increased when deemed necessary by the board of governors. IMF voting shares are relatively inflexible: countries that grow economically have tended to become under-represented as their voting power lags behind.<ref name="Lipscy 2015" /> Currently, reforming the representation of [[developing countries]] within the IMF has been suggested.<ref name="Political Economy of IMF voting" /> These countries' economies represent a large portion of the global economic system but this is not reflected in the IMF's decision-making process through the nature of the quota system. [[Joseph Stiglitz]] argues, "There is a need to provide more effective voice and representation for developing countries, which now represent a much larger portion of world economic activity since 1944, when the IMF was created."<ref>{{cite book |last1=Stiglitz and Members of a UN Commission on Financial Experts |first1=Joseph E. |title=The Stiglitz Report: Reforming the International Monetary and Financial Systems in the Wake of the Global Crisis |year=2010 |publisher=The New Press |location=New York }}</ref> In 2008, a number of quota reforms were passed including shifting 6% of quota shares to dynamic emerging markets and developing countries.<ref>{{cite web |title=Factsheet: IMF Quotas |url=http://www.imf.org/external/np/exr/facts/quotas.htm |work=About the IMF |publisher=The International Monetary Fund |access-date=9 March 2011 |archive-date=30 April 2023 |archive-url=https://web.archive.org/web/20230430152628/http://www.imf.org/external/np/exr/facts/quotas.htm |url-status=live }}</ref>