Call to complete IMF quota reform

BRUSSELS - European and Asian leaders on Monday called for the completion of the quota reform of the International Monetary Fund (IMF) by the upcoming G20 summit late next month.

The reform of the international lending body is one of the subjects under discussion at the eighth Asia-Europe Meeting (ASEM) summit, some of whose current 48 members come from beyond the two continents.

"We support the implementation of the IMF quota reform by the G20 summit of November, to adequately reflect the relative weight and responsibilities of the IMF members in the world economy," European Union (EU) Council President Herman Van Rompuy said after chairing a session on Monday.