As if the sovereign debt crisis have not been a challenge enough for the continent of Europe, they are now amidst a transitory crisis in power as far as the International Monetary Fund is concerned.
In yesterday's op-ed column for the Financial Times, Europe should not control the IMF , Martin Wolf, a well respected British journalist made a compelling case against the European sentiment to keep the IMF head a European:
The counter-argument is that it is in the Europeans’ interest to receive unbiased and independent advice from the IMF. That, Mr Strauss-Kahn could not give. Mme Lagarde will not be independent either. But someone is going to have to make Europeans recognise that debt restructuring will almost certainly be needed and that, given this, it would be better to fix financial systems directly, rather than indirectly via lending to quite possibly insolvent governments.One thing is for certain, whoever fills in for DSK's absence at the IMF, they will be serving an international economy hostile in nature and eagerly looking to decommission or at least limit the institutions role.
What is your opinion?
DSK will go free. We've already seen that our laws no longer apply to individuals at his level and in his line of work.
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