June 29, 2011 Leave a comment
She may be the first woman boss but she’s no reformer, and won’t address wider equalities to rebalance the global economy
By Peter Chowla
After the last three years of financial crises and bailouts, no one can deny that leadership of an international institution like the International Monetary Fund matters. Previous leaders brought some significant changes to the IMF but did not go nearly far enough. The fund is still giving bad advice to European countries, such as supporting the fantasy that Greece can recover without restructuring its debt, and is continuing to force damaging spending cuts in times of recession. The question now is whether Christine Lagarde’s tenure as managing director of the fund will be any better.
The signs are not good.