Ever since the scandal broke out regarding the Sexual activities of the former IMF chief, there has been a clamor of replacing the former one with the one which reflect the realities of the world economies. On the one side the IMF chief has historically been European and especially now because of the financial crisis in Europe, the Europeans want to have one of their own. But on the other hand, the emerging markets are saying that since the new economic situation in the world is gradually shifting towards India, China, Brazil and other huge developing countries, they should field a candidate of one of their own choosing.
But here is the problem; the emerging markets are not unanimous in their decision of one candidate. The Indians don’t want to support a Chinese and vice versa. There is a huge suspicious among the different emerging markets regarding each other candidates. At least in this front, the Europeans are united to field one candidate and then they can work their way to garner support from other developing and developed countries. Although I truly believe that the post of the IMF chief should reflect new realities but unless the developing countries field a unanimous candidate to the liking of all (especially the U.S. having the biggest number of votes), they will continue to lose out having one of their own in the position.