In an article published in this newspaper on Monday, World Economic Forum president Klaus Schwab said multilateral institutions such as WTO and the World Bank are not comfortable with the fact that growing economies such as India, China and Russia want a greater say in the way the global economy is governed.
This thesis is being tested in the race to appoint the new managing director of IMF, traditionally from western Europe, while the US reserved the top job at the World Bank for itself. Russia has challenged this comfortable arrangement by backing a former Czech prime minister for the top IMF job. Till this happened, the man whose name was put forward by the European Union was expected to be the only person in the fray.
Nominations closed on 31 August and Dominique Strauss-Kahn, the former French finance minister who is the EU candidate, is pretty sure to win. But the fact that Josef Tosovsky is in the fray, is by itself welcome.