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Oops. When I posted yesterday, I hadn’t seen an FT article (UK Calls to Open up IMF Chief Selection) reporting that the UK was attempting to "apply the brakes" and not be pushed into a "quick decision" on a single EU candidate to head the IMF.
It's disappointing to see Europe attempting to preserve the outmoded mid-20th century custom of Europeans naming the head of the IMF, and in exchange letting the U.S. name the head of the World Bank. As the Economist today succinctly described the quickly emerging European consensus on France's nomination of Dominique Strauss-Kahn, a former finance minister of France:
Several CGD senior staff, including CGD president Nancy Birdsall, are among the more than 160 senior development professionals and experts who have signed a joint letter urging reform of the leadership selection process at the World Bank and the International Monetary Fund.
IMF Managing Director Rodrigo de Rato promised in a speech at the Center this week that the planned increase in voice and representation of developing countries at the IMF would cover the poorest members - most of which are in sub-Saharan Africa - and not just the “emerging market economies”.
Mark Sobel, Deputy Assistant Secretary for International Monetary and Financial Policy at the U.S. Treasury, has written to CGD president Nancy Birdsall stating that the U.S. is in favor of changes that would allow Asian and other emerging market economies to increase their voice in the IMF and thus make the Fund more representative and legitimate.