What the global economic crisis could have done for the IMF

For a while it seemed that the global economic crisis could leave a good legacy to the IMF by democratising the way its leadership is selected.  A pledged made by global leaders in the G20 Summit in Pittsburgh to select senior leaders of international institutions “through an open, transparent and merit-based process”, and later confirmed by the Fund, raised expectations that the tradition of appointing a European to head the institution would end with Dominique Strauss-Kahn.  Unfortunately, it looks like leaders from Europe are breaking their pledge.  They are instead working to ensure that the next IMF chief will once again come from their ranks.  The moment French finance minister Christine Lagarde announced her candidacy a number of European countries, including the UK, stated their support for her, without even waiting for the close of nominations. They are arguing that a chief from Europe is needed in light of the Fund’s current involvement in the region.  This is of course a flawed argument.  What is at stake here is not just who gets to lead the IMF next, but more importantly, a step towards a more just and democratic global economic system which could be something good that came out of the crisis.

To read the full post, go to http://www.savethechildren.org.uk/blogs/2011/05/next-imf-chief-needs-to-be-selected-on-merit/