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The Boston Globe

Business

IMF undergoing biggest power shift in 2 decades

WASHINGTON — The International Monetary Fund’s executive board is undergoing the biggest reshuffle in two decades in a shift that emerging markets, including Brazil, say remains insufficient to reflect their rising economic power.

Starting next month, some Western European countries are realigning to give nations such as Turkey and Hungary more say under a 2010 pledge to give up two seats on the 24-seat board. Changes are also taking place among emerging markets, with Colombia leaving Brazil’s group to join Mexico’s.

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