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China Economic Weekly: Why Have Europeans always controlled the IMF?

China Economic Weekly carried a commentary questioning why Europeans has always controlled the IMF and whether it is a “world organization” or a “European organization.” It suggested that having members from developing countries on the management team of the IMF would be consistent with its legitimacy. The article refers to a statement made by IMF Executive Directors representing BRICS countries (Brazil, Russia, India, China, South Africa) in May demanding “adequate representation of emerging market and developing members in the Fund’s management.”

As to the successor to the head of the IMF, the article points to the U.S., who is the biggest stockholder of the IMF, and said that the US has been controlling IMF operations behind the scenes but with no intention to fight for the title. However, “the US is unlikely to support any candidates outside of the European countries because it does not want to go against the European countries." The article quoted a number of people, including Amado Boudou, Minister of the Economy of Argentina, and Angel Gurría of OECO, who stated that it is time to break tradition and have someone other than a European hold the position.

Source: China Economic Weekly, June 13, 2011