IMF, World Bank Tradition Dated
For the past 41 years-or ever since the two lending institutions were launched-the World Bank has had an American as its president, and the International Monetary Fund a European as its managing director.</br></br>What had a certain logic in 1946, however, is no longer applicable, and the system is long overdue for a change. The best candidates available should get these critically important jobs, without regard to nationality.</br></br>The problem is that while some countries are willing to fight for the IMF job, others-including the United States-shun the responsibility of being the international cop who occasionally must deliver bad news to poor, debtor countries.</br></br>But one thing is clear: The recent disarray among major European nations preceding the selection of French central bank Gov. Michel Camdessus to replace Jacques de Larosiere at the IMF might hasten abandoning an outmoded formula.</br></br>"The Europeans can no longer take for granted that the IMF job is theirs," a ranking insider within that institution said. "The field, next time around, will be wide open."