Oxfam reaction: BRICs call for end of European dominance at IMF

In response to the statement by the IMF Executive Directors Representing Brazil, Russia, India, China and South Africa on the selection process for appointing an IMF Managing Director 

Oxfam spokesperson Sarah Wynn-Williams said:

“The structure of the global economy and drivers of growth have fundamentally changed since the IMF was founded. It’s unacceptable that critical emerging markets are denied the opportunity to contest this crucial global leadership position.

“This is a now a world powered by emerging economies who rightly demand a voice in this institution, and a seat at the table. The new IMF head must be elected through a process that gives the managing director credibility. The IMF can’t risk its legitimacy and authority by clinging to an outdated arrangement which puts Europe in charge. It’s in the IMF’s interest now to choose a managing director openly, and based on 21st century realities.”