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Instead, Lagarde was rushed in as a replacement. Lagarde was popular, but not everyone was convinced she was the right person for the job. The late Jim Flaherty, Canada’s finance minister at the time, backed another candidate. “Lagarde’s selection as managing director in 2011 was a real running of roughshod over good global governance,” says Paul Blustein, a senior fellow at the Centre for International Governance Innovation and the author of several books about the IMF.

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  • Kevin Carmichael is a senior fellow at CIGI and the national business columnist at the Financial Post.