Dominique Strauss-Kahn, IMF Managing Director
Friday 14 January 2011 - by Will Henley
Dominique Strauss-Kahn's stock has skyrocketed in 2010 as the IMF has been called upon time and again to come to the rescue of beleaguered nations.
The year however also marked some seismic changes at the IMF itself as it moved to shift power away from richer nations to emerging economies. Agreement at the G20 in November not only led to a resources boost, but led to a doubling of member quotas, meaning Brazil, China, India, and Russia will rank among its top 10 shareholders.
The economist, who trained as a lawyer and was Finance Minister in France in the late 1990s, hailed the move at the time as a "huge change", adding that it "exceed[ed] the expectation" of commitments made at previous G20 summits. "We achieved today the most important reform in the governance of the institution since its creation," he said.
Strauss-Kahn has not minced his words when it comes to financial regulation. Slapping down countries over the pace of reform efforts, he has warned that "very little has been done" to improve supervision of financial services since the global crisis.
The managing director has stressed that potential loopholes in the world's supervisory architecture could provide the seeds of a future crisis, but accepts that it is for the Financial Stability Board to push for such improvements.
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