Strauss-Kahn Formally Announced As New IMF Chief

By Stewart Douglas

The International Monetary Fund has today officially named its new head in line with widespread analysts expectations, continuing what Russia has described as the trend of a European heading the IMF in return for an American heading the WTO.

Former French finance minister Dominique Strauss-Kahn was unveiled today as the new leader of the International Monetary Fund, after having received the backing of support from the US and Europe early in the candidacy campaign.

His only other contender, former Czech Prime Minister Josef Tosovsky was Russia’s nomination for the position, which many analysts saw as a protest against traditional Europe/US dominance in world financial authorities.  Few experts had given the late nominee any chance of success over Strauss-Kahn.

Mr Strauss-Kahn will assume his position during the course of next month, succeeding the current boss Rodrigo de Rato who announced his retirement for personal reasons from the top position within the IMF.

The International Monetary Fund has been criticised as an ineffective and pointless organisation, with too much influence from rich Western nations making it an impossible forum for balanced debate and decision making. 

It is responsible for assisting developing economies with financial aid projects, although it is largely dominated by what some have dubbed to be unfair power share practices between the US and Europe, which see minority nations pushed to the fringes of the decision making process.

Dominique Strauss-Kahn has pledged to reform the way in which decisions are made within the 185-nation strong group, tackling the issue of voting rights and responsibilities for determining the direction of fund distribution.

Mr Strauss-Kahn received the formal news of his appointment whilst on a politically motivated trip to Chile, which was designed to reflect his ongoing commitment towards allowing developing nations to have a say within the IMF structure.