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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

    Kevin Carmichael is a CIGI senior fellow and a national business columnist for The Financial Post.