The new chief of the International Monetary Fund (IMF), Christine Lagarde, has committed herself to increasing the diversity of the institution's staff and strengthening the voice of developing countries on its board.
She might have the best of intentions, especially given the strength of objections raised to the outdated convention that her post must be held by a European. However, the agenda of the IMF — charged with maintaining the stability of the international financial system — is at present dominated by the European sovereign debt crisis.
The reform of the IMF has been under discussion for years, with relatively little success. To ensure that Lagarde keeps her word at the IMF, developing countries will have to unite and exercise their economic power in a range of international forums. While they are in a strong economic position, a significant increase in the IMF quota held by developing economies has to be agreed by the organisation, which is still dominated by the US and Europe.
Developing economies will also have to put national political interests aside in favour of the greater good. The inability of developing countries to unite behind a single candidate and agenda has weakened their efforts to reform the IMF.