Denmark's representation in the IMF

Denmark is part of the Nordic-Baltic constituency in the IMF consisting of Estonia, Finland, Iceland, Latvia, Lithuania, Norway, Sweden and Denmark. Nordic-Baltic interests at the IMF are represented by a jointly appointed Executive Director to the IMF's Executive Board. The Executive Director heads the Nordic-Baltic Office at the IMF. Each country in the constituency is represented in the office and all the positions rotate among the countries after an agreed rotation principle. The views of the constituency on issues discussed by the Executive Board are decided on and coordinated between the national IMF authorities (often central banks and finance ministries). The views of the countries are usually coordinated on a consensus basis. The country holding the position of Executive Director is responsible for coordinating these views.

Denmark's and the Nordic-Baltic consituency's influence at the IMF is defined by the size of the subscriptions paid by member countries - also known as quotas. The quotas are determined by a country's calculated relative position in the world economy. The quotas determine both the member country's contribution to financing and its potential to borrow from the IMF, as well as their voting power on the IMF Executive Board and Board of Governors. Denmark's and the Nordic-Baltic constituency's quota shares can be found on the IMF's website


The IMF's decision-making process
The highest decision-making body of the IMF is the Board of Governors to which each of the member countries appoints a representative, usually the finance minister or the governor of the central bank. Denmark's representative on the Board of Governors is Governor Lars Rohde, Danmarks Nationalbank, with Sophus Gafiel, Permanent Secretary, Ministry of Economic Affairs and the Interior, as alternate member. The Board of Governors meets once a year.

The International Monetary and Financial Committee (IMFC) is an advisory committee responsible for advising and reporting to the Board of Governors as it manages and shapes the international monetary and financial system. The IMFC comprises 24 members, likewise ministers and governors of central banks. All IMF member countries are represented in the IMFC, either individually or in groups (constituencies). The IMFC advises on the overall guidelines for the work of the IMF and usually meets twice a year.

The day-to-day management of the IMF is handled by the Managing Director (Christine Lagarde) with guidance from the Executive Board. The Managing Director is the Chairman of the Executive Board and submits staffs' proposals for decision in the Board. The Board is responsible for conducting the day-to-day business of the IMF and usually meets several times each week to discuss issues based on papers and decision proposals by management and staff.

Link to all documents regarding Denmark's relations with the IMF including speeches and analyses.


Nordic-Baltic speech to IMFC meeting 20 April 2013