Shifting power

6 September 2007 By Ian Campbell

The nomination of Josef Tosovsky, a former Czech prime minister, as IMF head won t be successful, but it makes an important point. Russia, China, India and other developing countries are playing a growing role in the world economy and want a place in its institutions.

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Josef Tosovsky, formerly the Czech prime Minister and central bank governor, was nominated for the position of IMF managing director by Aleksei Mozhin, Russia's executive director at the IMF. A Frenchman, Dominique StraussKahn, has also been nominated for the post. The post is normally filled by a candidate from western Europe while the United States chooses the head of the World Bank.

The IMF's executive board will interview the candidates in Washington, D.C. this month. Rodrigo Rato, the current head of the IMF, who is a Spaniard, is stepping down in late October.

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