Bad vibes in Bishopsgate
Climbing Steadily From Behind
The war of Wong's web
As one door closes...
Explosive theories
In the guessing game as to who will replace Michel Camdessus at the IMF little credence has been given to Joseph Stiglitz, who recently resigned his post as the World Bank's chief economist. Perhaps because of his criticisms of the IMF he is thought to be unsuitable.
That shouldn't be so. The best person to reform an institution - and most people think the IMF has to adapt to a new era - is its sternest critic. It would indeed be an enlightened move to put Stiglitz at the helm.
It would also do Stiglitz good. After all, criticizing hasty capital markets liberalization in emerging markets and Russian privatization is one thing. Promoting successful alternative policies is quite another.
Alas international politics is not often conducted in an enlightened atmosphere and final agreement on the IMF's new boss will no doubt come after several rounds of horse trading. If it's going to be a European, as is traditional, it almost looks as if it could be Britain's turn.
After all the Italians have Romano Prodi as EU president, the Germans have Horst Kohler at the EBRD and Jean-Claude Trichet, governor of France's central bank, is all lined up to follow on from Wim Duisenberg at the European Central Bank.
But who does Britain have to offer? Chancellor Gordon Brown seems to have used the famous New Labour spinning machine to put his name into the ring. This is an act of some naivety. After all, Brown has spent most of his political life in opposition and has very little experience at the controls, much less of steering an economy through crisis since New Labour has been blessed by a growth economy not of their own making. If Britain is going to get it the country needs to put forward a stronger candidate. Brian Caplen