Gordon Brown to chair economic thinktank after Cameron blocks path to top IMF job
Gordon Brown may have been black-balled for the top job at the International Monetary Fund by the prime minister, but he has won a modest consolation prize in the form of a new post at the World Economic Forum.
The Geneva-based thinktank, which runs the annual Davos summit, said the former prime minister had agreed to chair a new "policy and initiatives co-ordination board", which will oversee talks about the future of the global economic system.
"With the challenges the world faces, it is vital that all stakeholders are engaged in solving them. The World Economic Forum is uniquely placed to bring those stakeholders together and support the global agenda," Brown said.
Brown's committee will bring together policymakers and heads of international organisations, such as the IMF, to discuss how to prevent financial crises such as the one that rocked the world in 2008.
Klaus Schwab, executive chairman of the WEF, said: "Gordon Brown will bring a wealth of knowledge and experience to the World Economic Forum ... His counsel will help ensure the Forum remains rigorous and focused — true to its commitment to improve the state of the world."
Brown had emerged as a leading candidate to run the IMF if Dominique Strauss-Kahn departs as managing director to run in the French presidential elections as is widely expected. His expertise in development and his experience during the credit crunch would have put him in a strong position; but he would have needed the backing of Britain, and the prime minister ruled that out this week.
David Cameron said Brown was, "not the appropriate person" because he had been slow to admit Britain had a "debt problem", and suggested instead it might be time to open up the job to someone from an emerging economy. Traditionally, the World Bank is run by an American, and a European is put in charge of the IMF.
One of the IMF's roles is to oversee the management of all its members' economies, and George Osborne is unlikely to have relished the prospect of being ticked off by Brown for his failings.
The WEF said, contrary to earlier reports, Brown would not be paid for his new role, but it would provide him with staff.