IMF board initiates selection process, Europeans ignore spirit of agreement

Late on Friday the IMF board formally set out the process for selection of the next managing director. It includes the key phrase that is being fought over: “open, merit-based, and transparent manner” in describing the process they will use.

We now know the key dates for the process. Nominations open on Monday and close on the 10th of June, giving about 3 weeks for names to be put forward. The board will then shortlist 3 candidates and make a final decision by the end of June.

Of course the board is mostly irrelevant in this process as these decisions are made far above the heads of most board members. The Executive Directors, especially those appointed by rich countries, take marching orders from their capitals. This decision will be made at finance minister and head of government level.

Continue reading “IMF board initiates selection process, Europeans ignore spirit of agreement”