Thai FM Korn Talks To CNN About His Future As Politician And IMF Candidate

[webfact]

Korn talks to CNN about his future as politician and IMF candidate

By The Nation

Finance Minister Korn Chatikavanij speaks to Andrew Stevens, anchor of CNN's World Business, yesterday about what it is like being a candidate for IMF's top job. Here are some excerpts:

It is not officially on the agenda but the vacancy at the top of the International Monetary Fund is sure to come up at the G-8 summit, as well. A point of contention we've been discussing is where the next managing director should come from. Until now, the position has always gone to a European but calls have been growing for a managing director who represents emerging economies. Is now the time to have a leader of the IMF from an emerging economy?

I think so. The world has changed substantially since Dominique Strauss-Kahn was appointed back in 2007, and even then the European nations were saying that next time around it would be the turn of somebody else. And, as I said, with the collapse of the global economy in-between and the emerging status of the Asian economies in particular, I think it is time to review old traditions.

Now, what we have been seeing is European leaders coalescing around the French finance minister. There are two firm nominations from emerging markets - from Kazakhstan and Mexico. Do the emerging economies need to put a common candidate up now to have a chance at changing the status quo?

Well, first of all, I'd like to say Madame Lagarde is highly qualified and she has said she shouldn't be barred from the job just because she is European, and I can sympathise with that. I've got no problem with that issue at all.

Our perspective is that the IMF is a global institution. It's tasked to look after all countries and shouldn't be limiting its choice simply to one area or just one nation. Now, in regard to your question about whether there should be a common consensus behind a single name, well, we do have until June 10 to put forward a name. But in reality, it shouldn't, in itself, be necessary for blocs of countries to have to rally around any particular name. The IMF itself should have a transparency process to assess the best possible candidate, whoever and wherever he or she is from around the world.

That's certainly been a refrain from emerging economies, in fact, from the G-20, as well. But this is a transparent process and the successor is chosen on merit. Are you confident that will happen this time around?

Well, I don't want to second guess the process, but I think it's important that if they do end up with a European managing director, that the process is made ultra-transparent in order to win the trust and support of the rest of the world. I think what we don't want to see is the failure to comply on the part of the European candidate. And we want to see the United States, in particular, taking an unbiased view of this. Otherwise I think trust would be at stake and I think that would be a shame.

Now, you own name has been linked as a possible candidate. What's your response to that?

My response is that I've got an election to win in my own country on July 3, so I'll be busy with that. But there are many other potential candidates just from Asia, within Asean, certainly from Singapore, from Indonesia. There are potential names that I think would certainly qualify for the job.

I want to ask you about those July 3 elections because we've heard that the sister of Thaksin Shinawatra, the corrupt former prime minister of Thailand, will be running in the election. Effectively she will be representing her father's constituency [family stronghold of Chiang Mai]. For many foreign investors that's being seen as a case of deja vu. Is it going to lead to more unrest on the streets of Thailand, more political unrest?

What do you say - how do you address those concerns?

I think the fact that the prime minister has stood by his promise of an early poll, the fact that we are having a general election a year after the traumatic scenes that we saw on the streets of Bangkok is very good news and a very positive step for the development of democracy in Thailand. We should all be pleased about that.

Now, what happens after the election is really up to the Thai people. The Democrat Party is willing very much to stand by and support any decision of the people. And I think Thailand will progress steadily and in a positive direction, subsequent to this general election on July 3.

-- The Nation 2011-05-28

[jayboy]

An example of a brilliant interview, not a step out of place and tone perfect.Jeez, it's refreshing to see polish and intelligence in a Thai politician.He also has a likeably easy manner which frankly his boss doesn't.

Having said that the reports of Korn himself being a plausible candidate were always unrealistic, not least because he doesn't yet have the necessary experience.