Gods of Moolah

A wading super power, Asia’s growth machines and a traditionally dominant continent; all staking claim on the world’s piggy bank. A consortium of a 187 nation, governing over 95% of the world’s population, International Monetary Fund is in charge of dogwatching the stability of the international monetary system and macro-economic issues.

As the former IMF chief Dominique Strauss-Kahn receives his dues for “abuse of power”…quite literally, the race for his post has gained steam. Contenders from all over the globe have thrown their hats in the arena and things have started getting interesting. Traditionally the job has always gone to a European, but the gradual economic and political shift has prompted consideration of candidates from developing countries. Among the top contenders are India's Planning Commission Deputy Chairman Montek Singh Ahluwalia, Kemal Dervis of Turkey, French Finance Minister Christine Lagarde, South African Trevor Manuel and Agustin Carstens of Mexico.

Over the next few decades the economies of Brazil, Russia, India, China and South Africa (the BRICS countries) will play a greater role in the global economy, along with other emerging economies. Along with stronger economic growth in the developing countries comes greater bargaining power. Now the BRICS countries want a bigger say in financial affairs and international cooperation. Naturally, the Europeans are guarding their privilege to pick the IMF chief, and are playing their cards close to their chest. Even as India, Russia and South Africa have called for an emerging-market candidate, it is believed Brazil & China have already been persuaded in behind the closed door deals to support Laggard’s candidature leaving little chance for the other candidates in the race to the top.
India’s Montek Singh Ahluwalia, who has been the Planning Commission Deputy Chairman since 2004, was considered a favorite in the race as he is a supporter of open markets & has earlier served as the first director of the IMF's Independent Evaluation Office. However, India has learnt its lesson from the 2007 race for the post of UN secretary –General and the arm twisting involved around securing these jobs.

Only time will tell, if the BRIC nations could stand together and weight more than the Europeans and the developed economies or will it take more time for the developing economized to prove their grit. All that we should try to find is somebody who can actually bring people together and has the necessary technical expertise to ensure global financial prosperity.