The European Union's finance ministers called on Friday for a strengthened role for low-income and developing countries in the International Monetary Fund, according to DPA. "We confirmed our statement that the representation of low-income countries should be enhanced (and) agreed that there should be greater involvement for emerging countries in the Fund, in line with their increasing responsibility for the world's economy," Portuguese Finance Minister Teixeira dos Santos said. "We confirmed that the EU would be perfectly willing to discuss the procedures and criteria for such a selection process as part of the reform of other monetary institutions," the minister, who represents the current presidency of the EU, added. At an informal meeting in Porto, northern Portugal on Friday, the EU's 27 finance ministers nevertheless confirmed their support for Frenchman Dominique Strauss-Kahn as the next head of the IMF. The current head, Rodrigo do Rato, is set to step down in October.
