Advice | Should George Osborne be considered as Head of IMF?

Should George Osborne be considered as Head of IMF?

The UK’s former Chancellor of the Exchequer George Osborne has thrown his hat into the ring to head up the International Monetary Fund (IMF).

Not content with his current roster of jobs as Editor of the London Evening Standard, advisor to investment funds, venture capitalists, think thanks and more, the ex-politician has set his sights on a new role.

Osborne has been eyeing up the position following the departure of Christine Lagarde, who will now take on the role as President of the European Central Bank (ECB).

However, his candidacy has been branded ‘dangerous’ by Labour Leader Jeremy Corbyn, while David Blanchflower, a former member of the Bank of England’s monetary policy committee has been angered at the thought, describing Osborne as ‘the worst chancellor in 300 years’, reported Spiked.

The Financial Times has suggested Mark Carney, Governor of the Bank of England, Kristalina Georgieva, Chief Executive of the World Bank, Agustín Carstens, General Manager of the Bank for International Settlements and Tharman Shanmugaratnam, Senior Minister and Chairman of the Monetary Authority of Singapore, may also be viable candidates for the new position.

According to the IMF’s criteria for the role, ‘the successful candidate for the position of Managing Director will have a distinguished record in economic policymaking at senior levels’. Plus, they will also ‘have an outstanding professional background, will have demonstrated the managerial and diplomatic skills needed to lead a global institution, and will be a national of any of the IMF’s member countries’.

It doesn’t sound like an easy role to bag that’s for sure.

So, how can the UK’s ex-politician make sure he stands out in the recruitment process for one of the world’s most powerful international organisations?

Richard Ogbogbo, Chief Operating Officer at Concilium Search, believes that Osborne should hammer home his political credibility and knowledge of economics if he is to be in with a chance. However, he also shares that the successful candidate must also possess the right leadership qualities.

“Traditionally, the Head of IMF has come from a European country. However, within a rapidly changing geo-economic environment, in which the interests of established and growing economic countries are increasingly having to co-exist, nationality may well have to play a secondary role,” he told Recruitment Grapevine.  

“Political credibility and technical economic astuteness should feature prominently in the profile. At the same time, leadership, diplomacy, drive and clear sightedness in vision should be requisite qualities for the role and reflect the core values upon which the IMF was founded.”

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When speaking with Kit Bingham, Head of the Board Practice at Odgers Berndtson, he thinks it lies on a person’s ability to bring people and common objectives together.  

“The successful candidate will need an unusual combination of economic and commercial expertise balanced with an understanding of international governments and multinational institutions.

“The ability to bring people together and create common objectives and outcomes will be as important as the individual’s economic competence.”

Do you think Osborne has a chance of scooping the role? Let us know in the comments below…

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Comments (1)

  • SB
    Thu, 11 Jul 2019 9:18am BST
    He should not have been Chancellor, he doesn't have any qualification but a maths GCSE. What "qualified" him for that job was being David Cameron's friend from the Bullingdon Diners Club. Who's he friend's with at the IMF?

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