Rivalry between BRICs prevented a united front on IMF

Rivalry between BRICs prevented a united front on IMFI recently had an opportunity to see Chartwell’s panel of BRICs Ambassadors in action (here is a photo of the team in action at a 2010 Breakfast club event at the Royal Automobile Club).

The four diplomats, representing Brazil, Russia, India and China, were interesting on the recent negotiations about who should replace DSK at the IMF.

It was no secret that at the outset of the process to replace DSK, the BRICs – most notably India and China – wanted to break with the tradition that the IMF’s MD come from Europe. But the bloc’s fragmented interests, and the pronounced differences between the four economies and emerging powers, prevented them from reaching a shared position on a non-European candidate. As a result, and in the face of Christine Lagarde’s impressive campaign, the BRICs fell in behind the US and Europe, endorsing Lagarde’s candidacy and giving the IMF its sixth French Managing Director.

The BRICs may represent some of the world’s most dynamic economies, but the bloc is yet to develop any traction as a geo-political actor.

International Affairs & Security