Thinking about new Chief

Christine Lagarde

Where does India resides in the developing world? Though India along with other BRIC nations opposed European nations support to Christine Lagarde as IMF chief after Dominique Strauss Kahn , But our voice is not strong enough . India must lead developing world . We must suggest a name for this post.Apart from that we must demand that all the contender must face all the question regarding the problems IMF is facing today ,otherwise Lagarde will win very easily. The way European united to support lagarde this all question remain unanswered .Their attitude did not depicts free , unprejudiced, transparent selection process. When world bank and IMF were established , world big economic powers select their leaders with a so called gentlemen agreement .European select IMF chief and Washington select World bank chief. This time European proudly interfering in the broader picture.

                              IMF is still stick to non disclosure clause . According to rules nominations for all the candidates will continue till 10 June ,those have impeccable record in forming economic policies , those have a professional background . Name of all the nominated candidates were presented to 24 member IMF executive board and they will select three of them .Then only the shortlist will be published .After that there will be voting is used to select the chief. European union and Switzerland have 8 out of 24 seats in IMF and combine with America  they have 13 votes. Apart from that German chancellor Angela Merkel declared lagarde extremely intelligent and experienced. Italy's Silvio Berlusconi said she is a great option. all other European speak in same tone. It is very sad see that international financial media become toy in the European hands financial times has logic that since IMF has most of the problems associated with Europe . Therefore chief must be from Europe. If this logic is correct then in 1997 IMF's France leader should resign to give his post to some Asian . Germany finance minister Shabel said that it is logical to have a European as IMF chief as Europe has highest share in IMF. If IMF and world bank are just corporate institution than it does not matter but they are also universal institution whose goal is to resolve matter regarding world finance. After Strauss Kahn the person who take his responsibility have to face so many problem Europe loan problem is just very small in front of them.

                     There are evidences that IMF had  been biased earlier under the leadership of Dominique .but Strauss Kahn and lagarde are different . On one side Kahn wanted to repair the damages due to Neo Liberal , on the other side lagarde is of center right front she is strict and declared that everyone have to work determined manner or she will made them do forcefully. Now having a strict biased and ardent believer of Neo liberal policies as a IMF chief is definitely not in the interest of India and other developing and developed nation.