Expand G-7, include India: IIF

The International Institute of Finance, which has representatives from 360 major banks and financial institutions of 60 countries, has suggested the expansion of the G-7 to G-11 to include India, China, Russia and Brazil.

"An effective approach requires the right authorities around the table. A new forum is needed that reflects the realities of today's globalised world and the rising importance of emerging markets," Managing Director Charles Dallara said in Washington.

"Some of the policy measures that are important are politically difficult if taken independent of actions by others in support of common goals. Joint actions are, therefore, needed and establishing a G-11 with an effective role for the IMF provides the viable way forward," he added.

The G-7 consists of the US, Britain, France, Germany, Italy, Japan and Canada. The G-8 already has Russia as a member.