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IMF must be reformed

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The vacancy at the top of the IMF should go to one of the BRIC companies. We are fooling ourselves by backing Christine Lagarde, the French Finance Minister, and we're only doing this to spite former PM Gordon Brown. Brown's work at the IMF in 2007-08 was central to the saving of the world's economies.

For David Cameron and especially George Osborne to line up behind Lagarde shows a meanness of spirit but leaving that to one side either we understand the essence of globalisation or we make the mistake of holding on to a past which makes no sense.

The BRIC countries need to be brought into the mix. It is their economies which are booming and we need to embrace them. What better way than to make sure they provide a candidate for the vacancy?


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