Mock the Vatican’s papal rigmarole if you must – but the IMF procedure is no more transparent or based on meritIt took the Roman Catholic church over 1,200 years but, in Jorge Bergoglio of Argentina, it has a non-European head once more. The IMF on the other hand was created only in 1945, yet this globetrotting baby boomer institution has never once hired a non-continental boss. Of the 11 managing directors the fund has had to date, five have been French – including the current incumbent, Christine Lagarde. Of the rest, all but one have been drawn from northern Europe (the sole exception being Spain’s Rodrigo Rato, who, as economy minister during the bubble years, bears heavy responsibility for the mess that country is now in).
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