Europe in denial it is the 21st century?

It seems Europe is in denial it is the 21st century and that they no longer have the power to decide things for the world. One of the best pieces of the day is from Raghuram Rajan, formerly the chief economist at the IMF, who agrees with the NGO position that we need to have someone independent of the political powers that be in major economies.

… someone whose primary skill is political would be an unwise choice. … Perhaps the biggest risk of all is to have someone heading the fund whose political ambitions are still alive. Here there is a real danger that decisions made by someone with substantial influence over nearly a trillion dollars of funding will be made with a view to establishing an electable record in his or her home country.”

That analysis, as argued by more than 20 NGOs a month ago would disqualify candidates like Christine Lagarde, finance minister of France or Augustin Carstens, former finance minister and now central bank governor of Mexico.

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