The IMF's annual meetings with the World Bank in Istanbul last week showcased the newfound punching weight of the major emerging economies like China and India.

Only a week earlier the largest emerging countries joined with the seven richest at the Group of 20 Pittsburgh summit in agreeing a framework for sustainable recovery and financial system reform that considerably boosted IMF responsibilities.

The G20 recommended, and IMF policymakers approved, a shift in voting rights of "at least 5.0 percent" from the over-represented to the under-represented that mainly favours emerging countries; China would get the biggest share.

The increased prominence of the emerging nations