进击的巨人番外篇下载:New IMF Chief Battle: A Consolidated EU vs. D...

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New IMF Chief Battle: A Consolidated EU vs. Disunited Emerging Power?


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IN COURT: Former IMF head Dominique Strauss-Khan leaves the State Supreme Court in New York after having bail confirmed over sex charges.

As the IMF begins its search for a successor to Dominique Strauss-Kahn, The IMF said it aims to complete the selection of a successor to Strauss-Kahn by June 30. Countries will be able to nominate candidates for the managing director’s position from May 23 to June 10, the IMF said.


“There is no lack of talent -- whether in Europe or the emerging markets -- to replace Strauss-Kahn,” said Joseph Tan, the Singapore-based chief economist for Asia at Credit Suisse Group AG’s private-banking division. “There has been a gradual shift of economic power and representation to emerging markets but institutions like the IMF and the World Bank are still centered heavily in the West.”


“The governing structure of the international financial institutions should reflect the changes in the world economy, increasing the voice and representation of emerging economies and developing countries,” the BRIC leaders said in a statement after meeting in Hainan, China, on April 14.


But is the election that easy – an implication of power shift ? Or, should we look at the strategies from both sides --



Emerging powers – LACK OF UNITY


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As the IMF begins its search for a successor to Dominique Strauss-Kahn, Russia is endorsing Grigori Marchenko, the head of Kazakhstan’s central bank, while the Philippines and Thailand speak favorably of Singapore Finance Minister Tharman Shanmugaratnam.


South African, Russian and South Korean officials have called for a candidate from an emerging market, while Brazil indicated it won’t push for the switch. China’s government asked for a “fair and transparent process.”


As recently as last month the leaders of Brazil, Russia, India and China, known as the BRIC countries, were urging the U.S. and Europe to end their 65-year monopoly on leadership positions at the IMF and World Bank, which has always been headed by an American.


South African Finance Minister Pravin Gordhan in an interview today said Trevor Manuel, his predecessor, is “highly respected in the world” and that the country is already in talks with other developing economies on a possible candidate.


Bank of Korea Governor Kim Choong Soo in Seoul today said he hoped “this will be an opportunity for a country in the emerging economies to take the post.”


Emerging markets “have every right to compete for leading positions in international organizations,” Russia’s central bank Deputy Chairman Sergei Shvetsov said. His country in 2007 nominated a former Czech prime minister to counter Strauss- Kahn’s candidacy.


Brazilian President Dilma Rousseff’s administration has no intention of using the current crisis to push for an emerging market candidate to lead the fund, according to two government officials who couldn’t be named because they’re not authorized to speak publicly on the matter.


“I am rooting so that this situation resolves itself in a positive way” for Strauss-Kahn, Brazilian Finance Minister Guido Mantega said in an interview yesterday on Globo television.


Mantega, in a letter to Group of 20 nations, said that IMF members shouldn’t make a “precipitated” decision about who will succeed Strauss-Kahn at the helm of the IMF, and whoever is chosen should represent the “greatest number” of member- nations and continue the work of giving a bigger voice to emerging market nations.



EU: ONE SINGLE CANDIDATE


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France’s Finance Minister Christine Lagarde's name is the most frequently cited for a European candidacy to replace Dominique Strauss-Kahn, while former U.K. Prime Minister Gordon Brown has told friends he has global support for his candidacy, the Financial Times reported. Photographer: Chris Ratcliffe/Bloomberg


India, China, Brazil and South Africa have yet to throw their support behind anyone.


By contrast, European Union nations have given overwhelming support to French Finance Minister Christine Lagarde to head the IMF. That left Asians, South Americans and Russia talking principles without agreeing on one person.


“The Europeans have the great advantage that they have institutional mechanisms to agree on a candidate upfront,” said Ousmene Mandeng, head of public-sector investment at Ashmore Group in London. “The emerging markets may find it more difficult to identify a common candidate and then lobby to ensure that he or she obtains sufficient support from the U.S.”



FAIL TO UNITE – Political Immaturity


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“If [the emerging countries] are serious about this and they really think it’s time for them to put forward a candidate and get the job, then they have to get moving,” said Morris Goldstein, a fellow at the Peterson Institute for International Economics in Washington who was an IMF official for 24 years. “If they do nothing and wait and wait and wait it will again be a European.”


Officials in developing nations showed little sign of unity to back a single candidate, even after BRIC countries have pushed in recent years to boost the input of emerging markets in the IMF and World Bank. BRIC members are Brazil, Russia, India and China.


The failure of emerging-market nations to rally behind a single candidate to head the International Monetary Fund, or IMF, shows the effort still needed to link diplomatic might with growing economic strength.


Their failure to follow such calls with action probably highlights the political immaturity of the BRIC complex even when “the case for the new IMF head to come from the BRIC countries is increasingly strong,” said Jim O’Neill, who chairs Goldman Sachs Asset Management.


“The big political question is whether the largest emerging markets - Brazil, China, India, South Africa, Turkey and perhaps Saudi Arabia, South Korea, Russia, Indonesia and Mexico - can unify behind one candidate,” Johnson wrote in a May 18 Bloomberg News column. “That would be a breakthrough but it’s still not clear who will provide the diplomatic initiative to organize them into a coalition that speaks with a single voice.








Bloomberg/Reuters/Sankei Shimbun/Financial Times

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