Top jobs challenge to Cowen

THE recent surprise resignation of the managing director of the International Monetary Fund (IMF), Rodrigo de Rato, presents an important opportunity for Finance Minister Brian Cowen publicly to clarify the position of the Irish Government on the need for fundamental reform of the governance of the IMF and World Bank.

The current leadership selection process at the IMF and World Bank consists of an archaic, backroom dealbetween European governments and the US administration.

This arrangement is indefensible as it ensures political control by the most powerful members of two institutions that impact enormously on the lives of people in impoverished countries.

Now that a new leader of the IMF is required, European governments, including Ireland, must immediately abandon this antiquated process and offer to forego their traditional role of appointing the leader of the IMF.

They must also urge the US to do the same regarding its control over who leads the World Bank in future.

During the recent World Bank leadership selection process, Mr Cowen failed to make clear, or public, his position on the need for reform of these institutions. We urge him to take a principled stand now by calling for an end to the current leadership selection arrangements at the IMF and World Bank.

In addition, he should fight for an open, merit-based selection procedure where all members of these institutions, especially the governments of impoverished countries, have a say in this crucial decision.

Nessa Ní Chasaide

Co-ordinator

Debt and Development

Coalition Ireland Colin Roche

Campaigns and Advocacy Executive

Oxfam Ireland

c/o Debt and Development Coalition Ireland

All-Hallows

Grace Park Road

Drumcondra

Dublin 9