May 24, 2011

Who will lead the IMF?

The ongoing discussion about who should take over IMF leadership is quite interesting. The Europeans are calling for one of their own, given their ongoing economic problems; this has been countered by others (of the non-European variety) who rightfully argue that during their own economic crises, over the last 40 or so years, there was no call for a special IMF head who understood the unique circumstances facing South America, Africa or Asia.

So, is time finally here for an IMF chief from so-called emerging and developing nations? Honestly, I don’t think so. I say this because the money staked is primarily from developed nations, and this corresponds with the voting power. It’s in their interests to have a commanding say in what goes on at the top – that will not be relinquished.

Tradition is not going to break now.

It would be nice for the International Credit Union to start reflecting the shifting global economic order that vastly differs from that of 1945 in the way that is run and how developing nations are treated. But who has the power to effect that change? 

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