Martin Wolf pays tribute to DSK, a man whose appointment he once opposed, and praises his unique blend of ability to bang European heads together in a time of crisis. Wolf suspects that the Europeans and Americans will collude to push another European candidate, possibly Lagarde.
Wolf refrains from condemning this idea from the outset (partly because he understands the frailty of the policy process in the eurozone). He says the eurozone treads on a very thin line. It can neither socialise the losses for political reasons, nor can it accept a default of one of its members. DSK’s successor will have an enormously tough job to do.
© Financial Times
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