One has go back to the “Year of Three Popes” (1978) to find a succession drama as strange as what has been happening at the International Monetary Fund and the World Bank, the two pillars of the global financial system. Two months ago, Bank President Paul Wolfowitz resigned amidst an extraordinary staff mutiny and governance debacle. Now, his counterpart at the International Monetary Fund, the former Spanish Finance Minister Rodrigo Rato, has shocked major stakeholders by announcing that he, too, will leave in October.
One has go back to the “Year of Three Popes” (1978) to find a succession drama as strange as what has been happening at the International Monetary Fund and the World Bank, the two pillars of the global financial system. Two months ago, Bank President Paul Wolfowitz resigned amidst an extraordinary staff mutiny and governance debacle. Now, his counterpart at the International Monetary Fund, the former Spanish Finance Minister Rodrigo Rato, has shocked major stakeholders by announcing that he, too, will leave in October.