New IMF chief ... reform on the way???

I always listen to NPR on my way to work in the morning. Today reporter Anita Elash informed me that former French Finance Minister Dominique Strauss-Kahn has been named president of the International Monetary Fund. This appointment makes him the first Socialist leader to run one of the world’s major capitalist organizations. Strauss-Kahn’s leadership in the IMF could have significant effects worldwide. In practice he has been more centrist than socialist, but his background has won the confidence of poorer/developing members of the IMF. This reputation and respect may allow him to push through reforms. One can hope that he will give developing nations more say in IMF policies and use his power to shift IMF policies toward the left. I would hope we see developing nations allowed to decide more of their own fate with only limited aid in coming years as they are allowed to step out from under devastating past economic measures recommended by foreign IMF experts.

We shall see what we shall see. I’m not holding my breath.