The EU’s finance ministers recently voted for Kristalina Georgieva, the Chief Executive of the World Bank, to take on the top job at the International Monetary Fund (IMF). Georgieva is almost guaranteed to secure the position, as tradition dictates that Europe chooses the Managing Director of the IMF, while the US selects the World Bank President. This unwritten arrangement has rightly come under fire, with calls for the IMF leadership race to be opened up to applicants from the global south in a more transparent and democratic process. While this would provide a boost to the institution’s legitimacy and could result in some welcome changes, the structural flaws of the IMF would remain. Therefore, beyond questioning the selection process for the Fund’s top job, we must question the very foundations of this deeply problematic institution.

Over the years, the IMF has…

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