ROHAC: Don’t let European politicians run the IMF

[BoyRacer]

ROHAC: Don’t let European politicians run the IMF -> washingtontimes.com/news/201 … n-the-imf/

After announcing her candidacy, French Finance Minister Christine Lagarde immediately emerged as the front-runner in the race for the presidency of the International Monetary Fund. France, the United Kingdom and Germany all support her, while the emerging economies that oppose her candidacy - such as Brazil, India and Mexico - are unlikely to coalesce behind Agustin Carstens, governor of Mexico’s central bank.

While Ms. Lagarde’s victory might be applauded by European Union political elites, it is far from clear that having a French head of the IMF is desirable in the midst of the present crisis on the eurozone’s periphery. For one, a European politician is likely to have a deep vested interest in furthering the European integration project, possibly at the expense of the IMF’s shareholders - of which the U.S. government remains the biggest one - and at a great cost to Europe’s struggling economies.

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[BoyRacer]

Euro zone panic is the best reason for a European IMF chief -> thenational.ae/thenationalco … -imf-chief

Now that Dominique Strauss-Kahn has quit as the head of the International Monetary Fund, the appointment of his successor is causing a rift between the West and the rest. While the Europeans have staked their claim to the Fund’s top job, emerging economies seem determined to break Europe’s historic grip on the post.

Since it was established in 1946, the IMF has traditionally been run by a European, while the presidency of its sister organisation, the World Bank, has gone to an American. With the global balance of power shifting from north to south and west to east, many believe that it is time to end this duopoly.

The jockeying has intensified as countries position themselves and push for their preferred candidates. Even before Mr Strauss-Kahn’s resignation last week, various leaders in Europe had called for a European chief, provoking fierce opposition from rising powers and campaigners. Brazil’s outspoken finance minister Guido Mantega reflected their view when he declared: “We must establish meritocracy, so that the person leading the IMF is selected for their merits and not for being European.”

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