IMF

The Danish Ministry of Finance and the central bank of Denmark (“Danmarks Nationalbank”) jointly handle Denmark’s relations with the IMF.
The International Monetary Fund (IMF) is an international organization of 185 member countries. The goals of the IMF are to promote international monetary cooperation, exchange rate stability and orderly exchange rate arrangements; to foster economic growth and high levels of employment; and to provide temporary financial assistance to countries to help ease balance of payments adjustment.
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The representation of Denmark in the IMF
The Danish Ministry of Finance and the central bank of Denmark (“Danmarks Nationalbank”) jointly handle Denmark’s relations with the IMF. The Governor of Danmarks Nationalbank is a member of IMF’s Board of Governors, and the Permanent Secretary in the Ministry of Finance is the alternate member of the Board of Governors.

Denmark is represented in the Nordic-Baltic Constituency, where the other mem-bers are Finland, Iceland, Norway, Sweden, Estonia, Latvia and Lithuania. The Constituency coordinates the policies of the eight countries and provides joined opinions to the IMF’s Executive Board and the International Monetary and Fi-nancial Committee (IMFC). The coordination of policies takes place in the Nor-dic-Baltic Monetary and Financial Committee (NBMFC), which was established in 1999 and consists of representatives from central banks and ministries of finance.

One of the eight member states is appointed to represent the Nordic-Baltic Con-stituency at the IMF’s Executive Board. Normally, this member state holds the chair for a two-year period. Sweden holds the chair till the end of 2009 and Den-mark will hold the chair from 2010.

In the Nordic-Baltic Constituency, the coordination of opinions follows the prin-ciple of consensus. The Constituency rarely uses voting. If they do, the votes used are the member states’ shares of the Constituency’s total votes in the IMF’s Ex-ecutive Board.