The tug-of-war over who should succeed Michel Camdessus as the Managing Director of the IMF has been resolved. Behind the wrangling over positions and personalities, there are evidently differing views about the IMF's role and, thus, about the nature and extent of proposed reforms; They range right across the spectrum. On the one hand, there is Michel Camdessus' view that the IMF requires additional funds to meet the challenges of accelerating globalisation, especially in financial markets, of the transition of numerous countries to a free market system and of the longstanding needs of the poorer countries. At the other extreme, Jeffrey Sachs, Paul Krugman, Joseph Stiglitz and Milton Friedman have suggested that the IMF should simply self-destruct.
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