BUSINESS

Simon Johnson: Why Christine Lagarde Shouldn't Replace DSK

05/26/2011 09:39 am ET | Updated Jul 26, 2011

Christine Lagarde, France's finance minister and the presumptive nominee of the European Union for the recently vacated position of managing director at the International Monetary Fund, formally declared her candidacy on Wednesday. The E.U. has just over 30 percent of the votes in this quasi-election; the United States has 16 percent and seems willing to keep a European at the fund if an American can remain head of the World Bank -- an arrangement that has stood since the early years of the organizations.

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