CHRISTINE LAGARDE:

It is something that should be done because it was committed, because it will deliver a more stable, more solid institution.

And our job is to help stability around the world, financial stability and international cooperation. OK, even if you ignore international cooperation, because you don't believe in that, financial stability around the world is key for all economies.

If there's not a solid IMF to lend in Ukraine, in Mali, in Pakistan, to put in place the economic program, to support the authorities, and to lend money in a sustainable way, then that's a major tool that the American leadership cannot use in any shape or form. The U.S. was one of the founding partners of the IMF. And it's the leading shareholder of the institution.

No matter what is said, the United States will keep its veto right over decisions that are made in this institution. So, to make a bit more space for China or for the emerging market economies is only representative of where the world is going. And we have to be the institution of the future to serve international cooperation, with the constant, solid leadership of the United States of America. Not exercising that leadership is a mistake.