Emerging markets have offered to contribute more to the IMF and play a larger role in global governance.

Older readers may remember the excitement in the heady days of 2008 when the G20 finally gave leading emerging markets a place at the top table of global economic government.

But when the G20 finance ministers met in Paris this weekend it was made clear that those newcomers continued to sit below the salt – and this by the aging aristocracy whose sense of self-worth exceeds the cash they have on hand.

FT

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