Whom We Shall Find to Head the IMF Next?
Strauss-Kahn had finally to quit the charge of the IMF after his much-published sexual assault on a New York hotel maid. Whom we shall find to head the IMF next is the question of the hour.
The highest position of the global financial institutions has so long been shared by the USA and Europe (World Bank for USA and IMF for Europe). A section of the world population has expressed that this convention should not be granted approval henceforth. BRICs (Brazil, Russia, India, China and South Africa) has proposed to leave the ‘nationality’-based ‘obsolete unwritten convention that requires that the head of the IMF be necessarily from Europe’.
On the other hand, Christine Lagarde, Finance Minister of France, has planned to declare that she would claim the hot chair of the IMF. The government of France hopes that it would secure backing from China in favor of Lagarde’s candidacy for the position. The external affairs department of China is still silent on this issue, but a Chinese think tank responsible member, Wu Qing by name, has stated that it is reasonable for China to support Lagarde as the IMF chief after Strauss-Kahn.
The funny thing is that Christine Lagarde has also a legal problem. Her candidacy depends on a verdict to be offered by the judges within a fortnight, on 10th June next to be specific, on the part she had played in a three-years back payout to a well-known business baron of France in the settlement of a dispute with a national bank. Europe is not ready for a second thought, at least at present, because it has been passing through a arduous period to bail out Greece, Ireland and Portugal.
The row over this issue is, however, not new. Healthy it is still, because it is not yet bitter. Signal came from the Group of 20 important nations just before two years when demand for ‘an open, transparent and merit-based selection process’ for the top positions of the global financial institutions was raised.
Let us wait and watch what would follow within a short period.