"I think that [Governor of the Bank of Israel Prof.] Stanley Fischer is the leading candidate, because of his impressive record. Professionally, I definitely think that he is suitable," Steen Jakobsen, the CEO of Danish online investment bank Saxo Bank A/S told "Globes" when asked about Fischer's chances to replace disgraced IMF managing director Dominique Strauss-Kahn.
Jakobsen said, "Since the IMF was founded, its managing director has always been a European. The IMF has taken a pro-European policy in recent years as it handled the debt crisis in Europe together with the other two key institutions dealing with the crisis - the EU and the European Central Bank."
Jakobsen believes that the IMF's next chief will not be a European, which will affect its policy toward the debt crisis in Europe, which until now has been very active by covering one-third of the debts of European countries in crisis.
"Globes": Will the appointment of a non-European affect the rescue plans for Greece, Portugal, and Ireland?
Jakobsen: "I doubt that there will be changes in the rescue packages for these struggling economies, as most of the packages have already been formulated. But looking forward, I expect that such an appointment could affect the IMF's willingness to intervene in the debt crisis in Europe, after already assuming one third of the debt.
"This is something that has mainly political repercussions. When the IMF provides such massive help for European countries, it means that Asian and American countries are participating in the aid. What will happen when a non-European country needs help?
"The new managing director will likely ask: Should we help in the same way as in the debt crises in Europe, or do we have good reasons to expend our money on them? In contrast to Strauss-Kahn, who believes in a strong and stable Europe, a non-European managing director might change this dynamic of solving the debt crisis in Europe."
Jakobsen noted that the change in leadership at the IMF is a political matter. "In the end, the IMF will likely move from a pro-European stance to a neutral policy, which will have a negative effect on the debt crisis on the continent."
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