The Executive Board has an important role in the IMF's governance structure and takes care of the daily business. Together, the 24 Directors of the Executive Board represent all 190 member countries. Large economies, such as the United States, Japan, Germany, France, United Kingdom, China, Saudi Arabia, elect their own representative/ executive director but most countries are grouped in constituencies. Within a constituency, the member countries elect an Executive Director - generally nominated by the country with the greatest voting power. The Executive Director represents the common interests of his/her Constituency’s countries in the decision making process within the Executive Board.

Romania has been part of the Dutch Constituency together with Netherland, Israel, Cyprus and former Federal Republic of Yugoslavia since its accession to the IMF. Subsequently, the number of countries has increased to thirteen, as per January 1, 2012: Armenia, Bulgaria, Bosnia and Herzegovina, Cyprus, Croatia, Georgia, Israel, Macedonia (FYR)¹, Moldova, Montenegro, the Netherlands, Romania and Ukraine. During the October 2012 meeting, organized alongside the Annual Meetings in Tokyo, the partner states officially agreed on establishing a new constituency, together with Belgium and Luxemburg, with effect since 1 November 2012. A decisive step toward the accomplishment of this project has been made in June, at the constituency meeting in Bucharest.

The extension of the constituency, formed largely by small and open economies from Europe, was carried out in the context of the governance and quota reform package implemented within the IMF, as it has been approved by the Governors’ Council in December 2010. This initiative is part of the endeavour to reduce the number of executive directors representing advanced European economies, in favor of emerging and developing countries, with an increasingly prominent role in the world economy. With its voting power, diversity, economic openness of member countries – some of them with extensive experience within the international financial system – and the contribution to the Fund financing, the new constituency offers an important support to the IMF’s global mandate.

Starting with October 2020, after the accession to the IMF, the Principality of Andorra also joined the member countries of the Dutch-Belgian constituency.

At the Constituency level, consultative meetings take place, regularly on the occasion of the IMF’s Spring and Annual Meetings. Starting with 1993, within the Dutch Constituency it has been agreed that each country in the group should host annually (except for years 2020 and 2021, due to the Covid-19 pandemic), on a rotation basis, an informal meeting of country representatives – central bank governors and finance ministers. These meetings offer the opportunity for exchanging views and formulating opinions on international topics.

The 16 states are represented at the level of the IMF Board by Mr. Paul Hilbers, the Dutch Executive Director being elected in November 2020. Romania holds the position of Senior Advisor within the constituency.

¹ North Macedonia, now.