IMF must face up to changing world, says chief
christine Lagarde, the IMF’s new chief, pledged this week to push ahead with reforms to give fast-growing emerging markets greater sway at the global lender.
At a news conference on her second day as International Monetary Fund managing director, Lagarde acknowledged an array of immediate issues confronting the Fund, including Europe’s debt crisis, but she also said she was focussed on the need for the IMF to change with the times.
Institutions like the IMF must better reflect the shifting balance of power in the global economy, she said, adding the idea of creating a top-ranking post at the IMF to give a higher profile to emerging markets was “not a bad idea”.
“The world is going to continue to change,” she said, adding that the IMF must change too.