A crisis of identity

Changing horses midstream can be dangerous. To the surprise of the financial world, on June 28, Rodrigo de Rato announced his intention to leave the International Monetary Fund (IMF) at the end of the forthcoming annual meeting this October "for personal reasons". For the Fund to have to replace its managing director barely three years into his first term couldn't come at worse time. After all, de Rato, a former Spanish economic minister, was a key mover for the IMF's "Medium-Term Strategy", the