The IMF has selected Christine Lagarde to replace Dominique Strauss-Kahn as Managing Director of the IMF.
In response to the news, Jesse Griffiths, Coordinator of the Bretton Woods Project has said:
“The Europeans have shamefully held onto control of the Fund in a well orchestrated stitch-up. Unfortunately, the outcome was clear long before the selection process officially started, once the Europeans decided to use their unfair over-representation at the Fund to force through their candidate.”
“There was a shocking lack of transparency to the whole process with no public interviews held and Board decisions once again made behind closed doors.”
Nick Dearden, Director of the Jubilee Debt Campaign adds:
“The nature of Lagarde;s selection shows once again how out of touch the IMF is. This further tarnishes the IMF’s legitimacy in a rapidly changing world.”
“This decision is bad news for European countries in crisis: the key architect of disastrous austerity policies in Greece is now at the helm of the Fund and she has already made clear to Greek legislators that they should listen to Northern Europe’s interests, rather than the interests of their own people. The IMF has learnt nothing from the debt crises of the past.”
For information: Jesse Griffiths + 44 (0) 7968 041 747 jgriffiths@brettonwoodsproject.org