EU draft statement calls for limited IMF reform

According to a draft statement, European Union countries are willing to cede only a ``limited'' share of power in the International Monetary Fund to fast-growing emerging economies.

Any redistribution of voting rights should favor only ``the most under-represented members,'' says the two-page statement prepared by finance and central bank officials for a meeting of European finance ministers in Luxembourg on Tuesday.

European finance ministers will discuss the draft and approve a final version