Senior present and former policymakers joined bankers and economists on Monday in calling for a far more sweeping overhaul of the International Monetary Fund than was agreed at the Group of 20 summit in Pittsburgh.

The self-styled “group of 30” leading financial figures recommended an end to the US veto at the fund, regular adjustment of voting powers to reflect shifting economic weight and a cut in the number of European directors on the board from eight to no more than four.