Senior current and former policymakers joined bankers and economists yesterday 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. They also called for the IMF managing director to issue formal warnings to systemically important countries when the fund was concerned about their economies or financial systems.