Emerging economies 'need more IMF clout'
Source: Agencies |
May 20, 2011, Friday
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Print Edition
Print Edition
THE International Monetary Fund's future leadership should reflect the growing clout of emerging economies, China's central bank governor said yesterday, joining other developing nations in pressing for greater influence on the world stage.
"The composition of senior management should better reflect changes in global economic patterns and represent emerging markets," Zhou Xiaochuan, head of the People's Bank of China, said.
Zhou's remarks came amid intensifying political jockeying over who should lead the fund, an overseer of the world's monetary system.
European politicians have said a European should lead the IMF, while emerging economies have suggested that one of their own should be elected.
No Chinese officials figure in the list of possible candidates, although some analysts and commentators in China have suggested that Zhu Min, a special adviser at the fund, could take the helm.
Zhou, whose remarks were published on the central bank's website, said the IMF should pick future leaders based on their "ability, morality and diligence."
"This would be conducive to having an International Monetary Fund managing director who can more effectively lead it," Zhou said.
He stressed it was crucial for the IMF to elect a strong leader as the fund plays an important role in steering Europe out of its debt crisis.
"We need the support of a strong and vigorous IMF to surmount the current hardships in Europe and ensure that the world economy continues developing in the direction of vigor, sustainability and balance," Zhou said.
"The composition of senior management should better reflect changes in global economic patterns and represent emerging markets," Zhou Xiaochuan, head of the People's Bank of China, said.
Zhou's remarks came amid intensifying political jockeying over who should lead the fund, an overseer of the world's monetary system.
European politicians have said a European should lead the IMF, while emerging economies have suggested that one of their own should be elected.
No Chinese officials figure in the list of possible candidates, although some analysts and commentators in China have suggested that Zhu Min, a special adviser at the fund, could take the helm.
Zhou, whose remarks were published on the central bank's website, said the IMF should pick future leaders based on their "ability, morality and diligence."
"This would be conducive to having an International Monetary Fund managing director who can more effectively lead it," Zhou said.
He stressed it was crucial for the IMF to elect a strong leader as the fund plays an important role in steering Europe out of its debt crisis.
"We need the support of a strong and vigorous IMF to surmount the current hardships in Europe and ensure that the world economy continues developing in the direction of vigor, sustainability and balance," Zhou said.
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