'[ ... ]
Christine Lagarde’s conviction on Monday of negligence in a French court cast uncertainty over her ability to continue as the IMF’s managing director. Within hours of the judgment, in which she escaped any punishment, the fund’s 24-member executive board put to rest any speculation that she might have to resign, praising her “outstanding leadership” and the “wide respect” she commands around the world.
[ ... ]
Since it was conceived in 1944 to help oversee the global monetary system, the IMF has always been led by a European. The World Bank, a sister organization created to finance Europe’s reconstruction after the war, has always been led by an American. It’s a postwar arrangement that emerging markets have started to take umbrage with.
Last Resort
Their missions have since evolved, with the IMF now acting as the world’s lender of last resort and the World Bank bankrolling development from Africa to China. But the leadership pact between the U.S. and Europe has survived, cementing the two institutions as instruments of Western economic power.
[ ... ]"
http://ift.tt/2i00eFH
Christine Lagarde’s conviction on Monday of negligence in a French court cast uncertainty over her ability to continue as the IMF’s managing director. Within hours of the judgment, in which she escaped any punishment, the fund’s 24-member executive board put to rest any speculation that she might have to resign, praising her “outstanding leadership” and the “wide respect” she commands around the world.
[ ... ]
Since it was conceived in 1944 to help oversee the global monetary system, the IMF has always been led by a European. The World Bank, a sister organization created to finance Europe’s reconstruction after the war, has always been led by an American. It’s a postwar arrangement that emerging markets have started to take umbrage with.
Last Resort
Their missions have since evolved, with the IMF now acting as the world’s lender of last resort and the World Bank bankrolling development from Africa to China. But the leadership pact between the U.S. and Europe has survived, cementing the two institutions as instruments of Western economic power.
[ ... ]"
http://ift.tt/2i00eFH
Lagarde convicted, IMF Doubles Down as Trump Aims to Upend World Order
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