In late October, hedge fund advocate Antonio Borges was appointed the director of the IMF’s European department. Borges, a Portuguese national, holds a PhD in Economics from Stanford University. Between 1990 and 1993 he was vice governor of Banco de Portugal, where he took a leading role in the liberalisation of Portugal’s financial system. He became vice chairman and managing director of investment bank Goldman Sachs between 2000 and 2008, and currently chairs the Hedge Fund Standards Board in London, a hedge fund industry association that promotes self-regulation. Borges will succeed Marek Belka, who left the Fund earlier this year to become governor of the Central Bank of Poland. Borges is expected to take up his new position in late November.
Renewed calls for a substantial SDR allocation raise urgency of reforming the inequitable global reserve ‘non-system’.
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