Global Split Over Next IMF Chief

With 187 member nations and a staff of 2400, the International Monetary Fund promotes cooperation, exchange-rate stability and balanced growth of international trade, particularly during times of economic crisis. The agency of the United Nations has its own charter and finances, according to the IMF website, with members “represented through a quota system broadly based on their relative size in the global economy.” With the managing director, a French citizen, held in jail, facing criminal charges, calls for new leadership could shake up the organization’s tradition of selecting a European for the top post. Europeans contend that the euro debt crisis makes it imperative that the tradition be maintained. Emerging economies suggest that the search be opened to eligible candidates from around the globe. The IMF executive board, 24 directors in all, takes orders from their capitals, notes the Financial Times, and developing nations would need to rally behind a solid prospect. – YaleGlobal