French Contender Likely To Succeed To IMF Job

A former French cabinet minister is widely considered to be favourite to take over as the head of the International Monetary Fund (IMF), according to analysts in what has been very much a two-horse race.

Dominique Strauss-Kahn, the former French minister for finance is the favourite to take over the top role at the IMF, with nominations having closed over the weekend. Should Strauss-Kahn succeed to the position, he will add to the depth of French control of world economic organisations, from the World Trade Organisation to the European Central Bank.

He is expected to succeed current head Rodrigo de Rato, provided he is chosen above former Czech Prime Minister Josef Tosovsky, the only other candidate in consideration.

The Russia-endorsed former Czech leader was presented as a nomination reportedly to break the convention of European nations choosing the head of the IMF in return for the US nominating the head of the World Bank.

Until now, the top job at the IMF has been reserved to applicants from within the European Union countries, which many have criticised as being unreflective of global political power.

Analysts have widely predicted that Strauss-Kahn will take over, despite Josef Tosovsky being favoured earlier on in the contest. With political clout and sufficient experience to handle the role, it is regarded as almost certain that the former French finance minister will succeed to the position.

The IMF responsibilities cover poor, third world nations, and advising on financial strategy and aid. Additionally, it is responsible for maintaining stability in global financial markets.

However, it has come under fire from some third world nations, citing the first world domination of the IMF as well as ‘rigid’ policy implementation which can often conflict with other political aims of these countries.

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