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The IMF
Time for a change
Why a euro-zone finance minister, even a talented one, should not lead the IMF







OFFICIALLY the search for a new head of the IMF, to replace Dominique Strauss-Kahn, who awaits trial on charges of sexual assault, has barely begun. The fund’s member governments have until June 10th to propose candidates, after which a shortlist will be drawn up. But in practice the race seems all but over. That is because European countries, which hold over a third of the votes on the IMF’s board, have rallied around a single contender: France’s finance minister, Christine Lagarde.

In contrast, emerging economies, which have long argued that the fund should have a non-European boss, have so far conspicuously failed to fix on an alternative candidate. The Americans, kingmakers in this contest, have said little in public but in private seem happy with Ms Lagarde, not least because they hope to keep both the deputy’s job at the fund and the presidency of the World Bank. Barring embarrassments, one French politician is likely to succeed another.

Ms Lagarde has many strengths. She has been a steady and successful finance minister, no mean feat with a boss as mercurial as Nicolas Sarkozy. A lawyer by profession, she lacks the technical background that the IMF’s best bosses have had, but she is a superb communicator, a good negotiator and, by all accounts, an excellent manager. Given the circumstances of Mr Strauss-Kahn’s departure, the fact that she is a woman is a bonus. It is not hard to see why even Western finance ministers with a low opinion of Mr Sarkozy have rushed to anoint her.

But it is still wrong. To begin with, the stitch-up, whereby the head of the IMF is a European and the head of the World Bank is an American, is a disgrace. International posts should be filled according to merit. And the growth of emerging economies makes it even less defensible.

Not exactly Europe’s moment

Moreover, the case against appointing a euro-zone finance minister as head of the IMF now is overwhelming. The main issue facing the fund is the euro zone. The fund is supposed to be an impartial arbiter of good economic policy. It is the only organisation likely to force a rethink of the euro zone’s failed strategy towards Greece, Ireland and Portugal. There were already fears that Mr Strauss-Kahn’s presidential ambitions led the fund to be too soft on Europe. Ms Lagarde has played a central role in forming the euro zone’s response to its debt crisis, and whatever her private views, she has a public record of defending the indefensible. Staggeringly, some Europeans have tried to argue that only one of their own can understand their continent’s complex politics; imagine the laughter if somebody had made the same argument for Argentina’s finance minister in the 1980s or Thailand’s in 1997.

Besides, there are people who could do the job well who do not happen to be euro-zone finance ministers. Stanley Fischer, the governor of Israel’s central bank and former number two at the IMF, has vast experience of international economics and financial crises. Agustín Carstens, head of Mexico’s central bank and also a former official at the fund, is another safe pair of hands. Tharman Shanmugaratnam, Singapore’s finance minister and head of the IMF’s policy advisory committee, is widely admired for his technical and political skills. Among central banker types, Mark Carney (currently at the Bank of Canada) and Arminio Fraga (formerly president of Brazil’s outfit) have stood out. Admittedly, none of these men is perfect: Mr Fischer, for instance, is too old under existing rules and had a patchy record as deputy head of the fund. But none of them is as compromised as Ms Lagarde.

It is still not too late for emerging economies to unite around a different candidate, and for America to support their choice. Europe’s monopoly of the IMF’s leadership has long been an anomaly. It is time that it ended.

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关键词：EmmaUK follow EMM LOW presidential 英语 IMF followme 真经版 EmmaUK

Follow 25 25
Still，translating is not an easy job. But I would try to accomplish it every day.
IMF, 是时候结束了！
——为什么一个欧元区的财政部长，甚至是很有天分的一个，不应该领导IMF?
对取代至今仍在等待因性侵接受审判的多米尼克·斯特劳斯·卡恩的国际货币基金组织新任总裁的官方选举，现在才刚刚开始。在6月10号之前，IMF的各成员国仍可提名候选人，，在这之后，IMF'便会起草一份候选人名单。但现实看来，候选过程似乎已经结束了。这是因为，手握三分之一选票的IMF欧洲成员国，都在支持同一个竞选者，法国财政部长——克里斯丁·拉加德
与此相反，为IMF应该有一个非欧洲总裁争论了许久的新兴国家们，到目前为止，并没有明显地确定出另一个竞选者。而美国，在这场角逐中具有很强话语权的成员，尽管罕有公开支持拉加德，但私下却对这位候选人很满意，这很有可能是因为美国想保住在IMF的副总裁和世界银行的主席两职。除非另有意外，否则，这位法国政治家很有可能脱颖而出。
拉加德夫人有很多优势，她是一个稳重且成功的财政部长，这对于有一个活跃易变的老板——尼古拉·萨科奇来说，绝非易事。作为一名职业律师，她并不像IMF最好的总裁那样有良好的技术背景，但她却很善于沟通，她是一个很好的谈判者，并且，据公众所言，也是一个出色的管理者。基于卡恩离职的原因，拉加德夫人是一位女性无疑是一个加分项。不难理解，为什么西方的财政部长对萨科奇的评价不高时依旧选择了拉加德。
但这仍然是错的，一开始就错了，凭什么IMF总裁就属于欧洲而世界银行主席属于美国，这种内部交易是可耻的！国际组织的职位该由候选人的功绩决定，而新兴国家的成长也为这个观点提供了事实支持。
不应该完全是欧洲的时间（其实很好理解，就是这场选举甚至其他国际所有组织的选举都不应该由欧洲和美国人操纵）
此外，现在这个案例中反对任命一个欧元区财政部长作为IMF总裁的呼声是压倒性的。IMF面对的最主要的问题是欧元区。IMF的定位应当是一个好的经济政策的公正的裁决者，但目前看来，这个组织似乎只是在强迫人们去重新思考欧元区对希腊，爱尔兰以及葡萄牙失败的战略。在卡恩任总裁时，就已经有人害怕他会领导IMF对欧洲执行过于温柔的政策。拉加德夫人已在欧元区对其自身的债务危机的回应中扮演了一个中心角色，而她的个人观点是，她有过一个捍卫理亏事实的公共记录。更为惊人的是，一部分欧洲人试图争论，只有一个欧洲人才能理解他们大陆那复杂的政治。这可令人发笑，这无异于在八十年代的阿根廷和97年的泰国争论同样的事情。（这个句子好理解，难翻译，希望多多指正！）
此外，还有许多能担任此职务的人却非欧元区的财政部长。 Stanley Fischer，以色列央行行长，也是IMF之前的二把手，在国际经济和财政危机上具有丰富的经验。Agustín  Carstens，墨西哥央行行长，也是作为前IMF官员，则是另一个可靠的人选（此处直译为另一双可靠的双手，个人觉得是这个意思）。Tharman Shanmugaratnam， 新加坡的财政部长，前IMF政策咨询委员会主席，因他的杰出技术和政治技能也受到广泛的认可。在所有的各国央行行长中，Mark Carney（目前加拿大央行行长）和Arminio Fraga（巴西央行的前任主席）也在考虑范围内（此处原文为“站了出来”，个人觉得这样翻译会好点）。但不可否认的是，这些人之中没有一个是完美的，例如Fischer先生，在现行的制度下显得有些老迈，同时，他在担任IMF第一副总裁时有过不合作的经历。但是，他们之中也没有任何一人会像拉加德一样妥协！
现在对于新兴国家来说，团结在一起并选出另一名候选人并让美国来支持他们的抉择仍为时未晚。欧洲对IMF的领导权太久的垄断已经是个异象，而现在，是时候结束了！

觉得选文好，就请为楼主，评分， 谢谢

25,25
Discussions to choose a new leader for the IMF should take into consideration the increasingly changing global economic landscape.
The selection process for the new managing director of the IMF should be global in substance, not just in form.
Qualified candidates from Asia and from Latin America and other emerging markets must be considered. In fact with the problems in Europe, it might be wise to get someone who is totally objective from the situation.

It is time for a change. A number of countries in Europe have significant financial problems. Candidate from Europe has a conflict of interest issue. Also, it is overdue for a capable person from developing countries to take on this role to balance the influence of developed countries. IMF should not be the office of a few countries.

feat
1.功绩,伟业 2.壮举
mercurial
敏捷的;精明的
stitch up
缝纫
anomaly
1.异常、不规则 2.反常; 异常 3.近点角 4.不正常

关于Lagarde的一篇转载：
French businessman seeks new probe into Lagarde
Updated: 2011-05-31 09:54
PARIS -- A French businessman and anti-corruption campaigner has asked prosecutors to investigate the role of French Finance Minister Christine Lagarde, the front runner to become the next IMF head, in a recent corporate deal.
Jean-Marie Kuhn accuses Lagarde of abusing her authority by allowing state bank Caisse des Depots to buy a 25 percent stake in GRTgaz, the gas grid of utility GDF Suez, earlier this year, according to a copy of his letter to a state prosecutor.
"We consider this pure fantasy," a finance ministry official told Reuters in reaction to Kuhn's allegation.
France's Finance Minister Christine Lagarde attends a news conference in Brasilia May 29, 2011. Lagarde said on Monday that her candidacy to lead the International Monetary Fund is in the spirit of reforms undertaken by the previous IMF leadership.[Photo/Agencies]
Lagarde, who won respect for her role in handling the euro zone debt crisis, already faces an inquiry into her 2008 decision to settle a dispute between the state and businessman Bernard Tapie, a friend of President Nicolas Sarkozy.
Lagarde has denied any misconduct in the Tapie affair.
The former top lawyer has quickly emerged as the leading candidate to replace Dominique Strauss-Kahn as managing director of the International Monetary Fund.
French Foreign Minister Alain Juppe said on Sunday that she had won the support of leaders from the Group of Eight nations when they met on Thursday and Friday in France.
Kuhn has asked prosecutor Jean-Louis Nadal -- who is also investigating the Tapie case -- to seek a court investigation into Lagarde's role in GDF Suez's sale of the GRTgaz stake to Caisse des Depots.
He said the transaction used public funds for an investment that was neither strategic for the bank nor served a purpose for the general public.
"This is embezzlement of public funds of which Lagarde is an accomplice, committing in the process numerous abuses of authority and power," Kuhn said in his letter to Nadal, adding that his action was not politically motivated.

25,25,
女强人，中国这样的女性确实少！

9,9
well,during the near one month time after Kahn‘s arrestment, the next leader of IMF has been well discussed through out the world. In my opinion, a diverse management layer is the key to help IMF to bulit much more efficient  policies to support the world ' s economy.

Quote from The Economist

Who should lead the IMF?
The next managing director of the IMF should definitely not be a European
Luigi Zingales our guest wrote on May 20th 2011, 9:13 GMT


WHEN Dominique Strauss-Kahn was appointed managing director of the International Monetary Fund in the Fall of 2007 many developing countries objected. Their opposition was not to the person, but to the tradition that wanted a European at the head of the IMF and an American at the head of the World Bank. This antiquated spoil system is a leftover of a post-World War II order, where the winning powers shared the leading positions. This arrangement made some sense when the United States represented 35% of the world economy and Western Europe another 26%. Today, the balance of power has changed. The United States represents only 20% of the world economy and Western Europe 19%.


While not obvious at the time, there was an even bigger reason why the IMF director appointed in 2007 should not come from Europe: to avoid conflicts of interest. When IMF’s lending was mostly concentrated in Asia and Latin America, it made perfect sense that the director came from a country outside those regions. With what credibility would a Japanese managing director impose tough conditions to Korea or a Chilean director to Argentina? At a time when most of the borrowing was done by developing countries and most of the lending by developed ones, the primacy of the latter was justified.  


The world has changed now. Not only do the developing countries represent a much bigger share of the world output, they also represent an even bigger share of the world lending. As you do not want the biggest borrowers to be in charge of administering a bank, why do you want a European to be in charge of the IMF?


Thus the next managing director of the IMF should definitely not be a European. Ideally, s/he should not come from the traditional Western World either. If the IMF wants to be a truly international institution and not just a leftover of WWII, it should be representative of the world. In this respect a managing director coming from China or India would be ideal.   


Given the difficulties of the present time the new managing director should also be very competent. In this respect Dominique Strauss-Kahn was a very good choice, which helped the world (and in particular Europe) cope with the worst financial crisis in 60 years.


S/he should also have enough credibility with the West and the financial markets. An Asian managing director would be a strong enough departure from tradition, that it should be softened with somebody who is well known and respected in the Western world.


We also need a person who needs no training on the job, but can start running from day one. When Dominique Strauss-Kahn was arrested he was on his way to a crucial meeting. The world cannot wait for somebody to learn.


From the list in The Economist, the only name who fits all these criteria is Montek Singh Ahluwalia. Thus, if I have to restrict my choice to this list, I will vote for him. Nevertheless, there is another Indian who fits all these criteria, it is Raghuram Rajan, former chief economist of the IMF. Having spent 25 years in the States and taught in a business school, he might be a more palatable choice for the United States and the financial world.

Thanks for those who spare the time to read the article and share the views.

Personally I like Christine Lagarde as she knows when & how to play tough and also use her softer side as a woman when it is called for. However, this will not stop me disliking the status quo politics that US & European powers had been patronising since the advent of a new world order. In my opinion, it will be marginally fair to say that emerging economies (at least BRIC) play a crucial role in maintaining the stability of the current economic system  and sooner or later they will have to be given their due share.

In this context, there is no better opportunity than now for these Western hegemonists and institutions to make rational-theoretic decision making and allow non-Westerns to compete on a level-playing field. Having said that, what better way than to start with the leadership in the highest international economic body?

题外话：看了这篇文章，也让我深思，中国缺少这样的international candidate, 在国际政治和经济舞台上。所以我们要超着这个方面努力！Maybe one day, there will be one, just from one of us! You never know!!