Strauss-Kahn Jailed - Next IMF Director a Mystery
Dominique Strauss-Kahn, the managing director of the International Monetary Fund, was arrested on May 16 for allegedly assaulting a maid. The successor to his post remains nameless, but the list is nevertheless lengthy.
Governments from across the globe are looking to that list for Strauss-Kahn’s successor. Though European financial leaders usually manage the IMF, the global economy is shifting and countries outside Europe want more say in the matter and are hoping to come out on top.
French financial frontrunners typically top the IMF leader board and year’s French Economy minister, Christine Lagarde, is no exception. Lagarde is known for her intelligence as a leader, but she is currently involved in a corruption investigation. There is also Turkish Finance minister, Kemal Dervis, who helped his country through the 2001 financial crisis. And finally Peer Steinbrück, who is the short-tempered former German Finance minister.
Twenty-four IMF executive directors are the official deciders in choosing the next IMF managing director. These 24 executive directors act of the beliefs of their respective nations, and most rely on and are leading towards Western support. Nine of the 24 voters are European, and the US vote’s tally four.
The IMF controls $900 billion and the managing director has a major influence on where this money is allocated. Recently, the IMF has saved countries from going under completely with the financial aid given to ailing economies. Countries like Greece and Portugal are still in financial crisis and need a miracle.
Though Strauss-Kahn was said to be a wise leader and very helpful during the recent global financial crisis, he will not be at the helm of the IMF for much longer.