Reform the World Bank, IMF for changing world, says Merkel

German Chancellor Angela Merkel called on Thursday for reforms to the Washington-based international lending institutions that lie at the heart of the global financial system to adapt them to a rapidly changing world.

The World Bank needed a capital increase, she said, and the IMF a change to the quotas that allocate voting rights to members. Merkel has several times called in recent days for reforms to international organisations to accommodate the rapid rise of China.