The International Monetary Fund Essay
The International Monetary Fund is an international organization which has a significant impact upon the global financial system, directly affects many countries and, consequently, affects many international projects. The organization is experiencing leadership problems at the moment and the board of directors will soon appoint a new leader. The French Finance Minister is a leading candidate. Although the French Finance Minister is the leading candidate, there is much disagreement about whether the head of the organization should be a European or a person from another part of the world.
Give serious thought to the qualifications for the position. List those qualifications and list the person or people you think should be leading contenders to head the organization. It need not be one of the people currently considered to be a candidate. Set forth your arguments to support your chosen candidate. It is not necessary to name a specific person; for instance, you might decide it should be the Finance Minister from a country like Cuba even if you do not know the name of that individual.
I think that the French Finance Minister Christine Lagarde who is now the leading candidate is a clever woman and an experienced economist but the position of the head of the International Monetary Fund should be taken by another person. I am sure that the candidature for IMF should have the following characteristics:
He should be a good economist and diplomat as the position of the head of IMF is a serious one and requires patience, self command and high level of diplomacy;
The new leader should not repeat the mistakes of the previous leader;
The new leader of the IMF should have huge experience in management activity as he will have to find speedy solutions and to run the Fund in the proper way.
According to the opinion of the political analyst Daniel Gros, it will be very difficult to find the candidate for the IMF who will “satisfy all the IMF’s 187 member countries”. (Arcega 2011)
I think that the board of directors should give the opportunity to the representatives of the emerging countries to head the International Monetary Fund. Among the candidates from the emerging countries are the representatives of Mexico, China, South Africa.
To my mind, Zhu Min who is the Deputy Governor of the People’s Bank of China is the most deserving candidate to take the position as the Head of the International Monetary Fund this time. It is known that he a skilled Chinese economist and last time he worked as Special Advisor to the Managing Director of the IMF. The International Monetary Fund is an organization which requires only serious and reliable leaders. Zhu Win is one of those who will be able to cope with all the difficulties which can occur in the Fund.
It is also known that Zhu Win has enough experience in the sphere of economics. He held different positions of Bank of China from 2003 to 2009. From 2009 to 2010, he worked as a Deputy Governor of the People’s Bank of China and proved to be a reliable and talented economist and financial expert. He is the author of the numerous of works on microeconomic management, various vital financial market issues, financial regulation and supervision. (International Monetary Fund 2011)
Zhu Min is 59. His life experience will help him to perform his duties on the position of the Head of the International Monetary Fund.
It is known that his name has already been listed by BBC and AP and it is not a secret that many countries support his candidature. (Caijing 2011)
Moreover, the economy of China is considered to be a fast-growing economy what gives a good example to other emerging countries of the world. According to the historical facts, the IMF which was established in 1947 has been headed by the Europeans. I think that it is necessary to give a chance to non-Europeans to head the International Monetary Fund. The Chinese economist and financial expert Zhu Min should hold the position of the Head of IMF this time.
