After missing the October 2012 deadline to approve 2010 governance reforms (see Updates 83, 82, 81), IMF shareholders have also missed the January deadline to revise the IMF quota formula. The quota formula review had been promised in exchange for developing countries’ acceptance of a smaller increase in voting rights in 2010. Brazil’s IMF executive board member Paulo Nogueira Batista warned of an impending “credibility cliff”, saying “the fundamental problem in IMF governance is the glaring over-representation of Europe.” The formula discussions will continue alongside negotiations over increases in voting rights, supposed to conclude by January 2014.