By Cho Jin-seo
Staff reporter

Dominique Strauss-Kahn, the managing director of the International Monetary Fund (IMF), knows how to respond to tricky questions. At a conference held in Daejeon on Tuesday, the Frenchman showed his skills.

At a panel discussion, he was asked when someone who is not from Europe will take charge of the organization. Strauss-Kahn surprised the audience, who were mostly Asians, with a straightforward answer.

"I want a sign of change that the person who follows me in the position will come from an emerging or low-income country." But then with a wily smile he added, "The problem is that I intend to stay for the next 20 years in this position."

This reporter pressed the issue once again during an encounter in the bathroom. Strauss-Kahn asked back. "Why? Are you interested in this job?"

This reporter's response was: "Certainly, why not?"

Since the inception of the IMF and its sister World Bank in 1944, there has been a tacit agreement between Europe and the United States that the former keeps the helm of the IMF and the latter rules the World Bank.

But the shape of the world economy today is very different from how it was in 1944. Europe and the United States are no longer the only powerful players of the game. Strauss-Kahn admits that this power-sharing format is "obviously outdated and has no reason to exist."

To repair this global imbalance of power, the IMF is planning to shift 5 percent of its voting shares from developed to emerging countries, such as China and Korea, this year. Strauss-Kahn also promises more staff positions for non-European, non-U.S. citizens. A Japanese national has been appointed as one of his deputies.

But everyone knows what really matters is the job Strauss-Kahn is holding now ― the IMF managing director's position has both symbolic and practical authority on the global financial system. Strauss-Kahn's term ends in October 2012, and some believe he might leave early to run for the French presidency. Sooner rather than later, the position will be up for grabs for people from non-European nations.

Peter Sands, the CEO of Standard Chartered Bank, says it is time for emerging, developing nations, especially those in Asia, to stop being humble and modest inside international financial organizations.

"The reality is the loudest voices are still coming from Western countries, and I think it's very important Asia makes its voice heard," he said at the same conference. "It's certainly not enough just to sit back and say 'we won't do it in our country.'"

If it is Asia's turn to take over the leadership, then Korea can make itself the perfect candidate. It has Asia's fourth largest voting share in the IMF after Japan, China and India. As Japan is already a developed economy and China is a communist country, Korea will have a fair chance of sending a candidate to the next IMF election.

Meanwhile, the Korean government still sticks to the East Asian virtue of humility, at least on the surface. Yoon Jeung-hyun, the finance minister, believes that it is best to keep mum on such issues. "It won't help if we are seen as bragging," he told Korean reporters at a cocktail reception the same day. He pointed out that Chinese officials refused for the country to be referred as one of the "G2" powers, because they think it will attract unnecessary jealousy.

But various conditions point to Seoul having a high chance of winning the position. The Korean government has kept a friendly relationship with the IMF, as shown in this week's conference in Daejeon. It can also secure support from the United States, its political ally, whose voting power of 16.74 percent will be decisive in the IMF election.

Most of all, Korea suffered most from the IMF's controversial economic reform policies during the Asian financial crisis. If the IMF wants to repair its tainted image in Asia, than it would certainly have a keen interest in promoting a Korean to the future managing director.

Strauss-Kahn stresses that Asia's having more wealth, power and prestige will have to be given more responsibility in international matters as well. This is probably the time for Korea to drop its low-profile strategy at the IMF, and be more vocal to represent all the developing nations. The Frenchman would agree that would be the "noblesse oblige."