n Emerging economies must now put up a meritorious candidate Following Dominique Strauss-Kahn's exit, it's a race for IMF's top job. While Christine Lagarde jumped into the ring, India and other developing nations are seeking to build consensus on an emerging market candidate. Disturbingly, Lagarde's appointment is being pitched as an eventual fait accompli. India's representative at IMF Arvind Virmani has been quoted as saying the post-filling process is being rushed even as emerging economies are exploring a possible coordinated stand, writes The Times of India in its editorial. Excerpts: Surely, in a changed world order, economic powerhouses like India and China don't need to accept done deals on the leadership of global financial institutions Developed nations publicly say global decision-making must be democratized to reflect 21st century realities. Will they put their money where their mouth is? In 2009, G20 pledged “an open, transparent and merit-based selection process” to choose IMF and World Bank heads. With reason. For over 60 years, Europe's monopolized IMF's stewardship while the US sits entrenched atop the bank. This cosy arrangement was fine when the West's clout was unchallenged. That's no longer the case. More so, in the post-Lehman world where emerging economies have helped the West beat recession's blues by driving growth, providing markets and offering investment havens. A stakeholder in the status quo, Germany argues IMF's top job must go to a European qualified to handle Eurozone's crisis. That is to assume non-Europeans – irrespective of expertise and competence – can't assess and tackle global challenges. By the same insular logic, developing nations can reject western prescriptions on domestic issues. Is nationality or race to power global economic management? BRICS has rightly criticized nationality-based leadership as eroding IMF's legitimacy. Emerging economies must now put up a meritorious candidate even if the battle is lost in the final bout. It'll serve as strong protest against bullying and opacity in global decision
