A brave new IMF

The BRICS countries' call for a truly transparent, merit-based and competitive process for the selection of the new head of the International Monetary Fund (IMF) is essential if this agency is to fulfil its purpose.

The IMF is searching for a replacement for Dominique Strauss-Kahn, who resigned after being charged with sexual assault in New York.

The new head will not only have to restore the agency's reputation and morale but also oversee the IMF's transformation into a competent international financial institution that is relevant to the world today.