With electioneering hotting up in the bid to run the IMF, I am distinctly underwhelmed by Christine Lagarde’s bid. She may be doing the rounds, visiting countries that can swing votes her way and is the most popular member of Sarkozy’s government (not saying much), but she represents a break in the pledge to open up these jobs at the IMF and the World Bank beyond the Europe-US duopoly that has been in aspic since 1946.
Candidates have emerged from Turkey and Mexico but the most compelling one is Stanley Fischer. Israel’s central bank governor, he fits the mould of transition, irrespective of his considerable monetary expertise. Born in Zambia, student at the London School of Economic and MIT, teacher of economics at prestigious American universities and capping it all with Israel’s heritage status as an honorary European country while being firmly in Asia. He has also been president and vice-chairman of Citigroup and even has an insider track with a seven-year stint as deputy managing director at the IMF, so he will be prepared straightaway.
The trouble is he that the political fray is anathema to him, taking the high ground that a candidate should be elected on their merits rather than the votes they rack up. Very worthy but it is maybe too idealistic to succeed. Furthermore, he may have declared his interest too late, with other candidates having secured important backing already. Ultimately, it will be a cabalistic carve-up among the elites but hopefully it won’t be the traditional western European who emerges at the head of the pack.