Former British Prime Minister Gordon Brown (2007-2010) will take an unpaid post at the Swiss-based World Economic Forum (WEF), known for its annual economic summit in Davos.  Brown had widely been seen as the strongest candidate to take over at the Washington-based IMF if current chief Dominique Strauss-Kahn steps down to run for the French presidency next year.

 But to do so Brown would need the support of Britain and Conservative Prime Minister David Cameron has said Brown is "not the most appropriate person" for the job and is responsible for the economic problems his government inherited.

 Brown has admitted he made a ‘big mistake’ in failing to regulate the banks properly, saying that his vision had focused too much on dealing with individual banks, rather than looking at the risk of systemic failures.

 After half a century of existence the IMF only agreed in 2009 to make the process of selecting top management based on an open, merit-based process. That decision was made in 2009, following nearly a decade of working groups, position papers and reports. It also followed decades of a gentlemen's agreement between Europe and America that Washington would choose the head of the World Bank, while the continent could select the IMF's leader. During that time, membership of the Fund has gone from 29 countries to 187. 

 In making the announcement, WEF Executive Chairman Klaus Schwab said that the former Chancellor of the Exchequer (1997-2007 under  Tony Blair’s Labor government) “will help ensure that the Forum remains rigorous and focused – true to its commitment to improve the state of the world.”

 Klaus Schwab, however, had only praise for his friend of many years. In a reference to Brown’s book “Beyond the Crash”, Schwab said, “as his recent book clearly demonstrates, he has valuable insights into the global agenda that will complement and inform many of the Forum’s initiatives.”

 See Global Journal interview with Gordon Brown in issue #04