IMF reform ‘not one-shot' process, says Manmohan

Declaring the struggle for reform at the International Monetary Fund to be a long-term one, Prime Minister Manmohan Singh said international relations were about “power relations” and that those who wielded power would always be reluctant to give it up.

He was responding to a question about Europe throwing its weight behind the candidature of Christine Lagarde for Managing Director of the IMF. “I do recognise there is a struggle for the transformation of global institutions, including the Bretton Woods institutions, but this is not a one-shot process. It has to be waged over the long-term and all developing countries have to be united on this,” he said.