CGD in the News

NGOs Call for IMF Head to Be Chosen by Double Majority (Inter Press Service)

May 24, 2011

CGD president Nancy Birdsall was featured in an Inter Press Service article about choosing the new leader of the IMF.

From the Article

Nancy Birdsall, who heads the influential Center for Global Development, endorsed the double-majority requirement in a blog post Monday and suggested that she would be sceptical of any candidate who was a sitting minister, such as Lagarde, of a powerful member of the IMF because they are unlikely to be seen as independent of a national or regional interest.

"Won't (Lagarde) represent, whether she wants to or not, the stench of colonialism wafting around the IMF?" she asked.

Moises Naim, a former executive director at the World Bank from Venezuela, as well as former editor of Foreign Policy magazine, published a blistering op-ed in Sunday's Washington Post, entitled "Time to Overthrow the IMF's Colonial Masters", in which he ridiculed the argument that only a European could deal with the current financial crisis that is roiling the continent.

"Funny how such consideration never seemed to come up when Asia and Latin America had their own financial crisis in the 1990s," he wrote. "Somehow, it didn't much matter then that the IMF was run by a Frenchman or a German lacking extensive contacts in those regions."

Complaining, like Birdsall, of a "stench of colonialism …wafting" around the IMF at the moment, he argued that, "Europe can do no better than having as the IMF chief one of the many highly trained and deeply experienced economic players from a developing country that has already successfully managed a crisis."

Read it Here.

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