Time for IMF to walk the talk

On July 5, France's Finance Minister Christine Lagarde will replace Dominique Strauss-Kahn and begin her five-year term as the managing director of the International Monetary Fund (IMF).

At the 2010 G20 Summit in Seoul, world leaders promised to change the traditional selection procedure for the top positions at the IMF and the World Bank to widen the pool of candidates beyond the traditional an European for the IMF and an American for the World Bank. However, despite the promise, European authorities pushed through Lagarde's appointment.

To demonstrate her autonomy, Lagarde has to quickly demonstrate her independence.