ISTANBUL (Dow Jones)--The International Monetary Fund pitched its case Friday for becoming a global central bank, a function that would require a hefty capital injection but could help even out imbalanced and unsustainable growth patterns.
Dominique Strauss-Kahn, the IMF's managing director, said the organization has been given a "new mandate" to serve as global lender of last resort and signaled that pledges of international cooperation made last month by global leaders in Pittsburgh could be amplified.
"I believe we can achieve even more," he said at a speech in Istanbul, where the IMF is holding its annual meeting.
Decisions made at the Group of 20 summit in Pittsburgh gave the IMF its new mission, and also bolstered its legitimacy and effectiveness by committing to granting emerging economies a greater voice in the governance of the multilateral organization, Strauss-Kahn said.
