COMMENT:

Once again the EU is insisting on a European candidate for the job of managing director of the IMF. Last time, in 2011, I supported such a candidate, Christine Lagarde, who got the job. She has just resigned to take over from Mario Draghi as president of the European Central Bank in November. The IMF is now looking to replace her.

Eight years ago, I argued that Lagarde was best placed to handle the single biggest job the IMF faced this decade: to ensure that the eurozone had some professional support during its crisis years, and to prevent spillovers

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