ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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IMF: The More Things Change

Thanks to timid challengers the Bretton Woods Twins remain western sinecures.

On 30 June the executive board of the International Monetary Fund (IMF) – disgraced by its previous chief Dominique Strauss-Kahn and still struggling to find its place in the post-crisis world – will formally select its new head. The board will choose between Agustin Caarstens, governor of the Bank of Mexico, and Christine Lagarde, the minister for the economy in France, the two candidates who meet IMF criteria for the job.

In what has been a façade of an election the IMF board will end up choosing Lagarde as its next chief and thereby maintain the sixdecade-long tradition of having a European as its managing director. The election process did as little credit to the developing countries – the “emerging powers” in particular – as to the traditional powers at the IMF, the United States and the west European bloc. The one had little stomach to effect change and the other paid lip service to change. The more things change, the more things remain the same.

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