Let Us Talk About IMF and World Bank Reforms

[moe.ron]

It is an unwritten rule that the head of the IMF and World Bank must come from the West. The rule says that the IMF must be a European and the World Bank an American. Now, many have advocated that this rule must no longer be followed. They contend that many in the third world have the true experience in dealing with financial crisis.

Currently the IMF's managing director, Horst Kohler, has resigned his post to run fo Germany's President. Many see this as an opportunity to put in people from the developing world into this important position. I would also argued that Horst Kohler was not the best man for his old job. Until recently, Rodrigo Rato was the front runner to replace Kohler. However, since he is a member of the PP, it is doubtful that he is now the front runner. I truly believe that somebody from the Latin American country should be in this position. Ernesto Zedillo, Mexico's former President, is a viable candidate. Alejandro Foxley, Chile's former finance minister is also a very good candidate for this position. Both men has dealt with financial crisis in their own countries and did a marvelous job in lifting their country from it.

Now it's the time to look for the best qualified individual for the jobs at the two Bretton Wood institution. No longer should it be confined to the two continents. Look for the best throughout the world.