‘Chicago boy’ Raghuram Rajan (see Update 35) has announced his intention to leave his post of economic counsellor and director of research at the IMF at the end of the year. The Indian national with a doctorate from the Massachusetts Institute of Technology will return to teaching duties at the University of Chicago because the university refused his request for additional leave to serve another three-year term at the Fund. Rajan was an ardent supporter of financial and trade liberalisation but recognised the need for market regulation to combat tendencies towards monopoly and market manipulation by entrenched actors. There has been no word yet of a replacement.