Managing Director of the International Monetary Fund
Born: Skierbieszów, Poland 1943
Education: University of Tübingen, PhD in economics & political sciences

It is well documented that when Horst Köhler, managing director of the International Monetary Fund, took up his appointment in May 2000 he was Europe's second choice. Caio Koch-Weser, Germany's deputy finance minister was the favourite. It was a measure of his initial success that the controversy was quickly put behind him and his critics if not necessarily won over, were at least silenced.

Mr Köhler's previous role was as president of the troubled European Bank for Reconstruction and Development (EBRD) from September 1998, managing swiftly to turn it around, enhancing his reputation as a tough pragmatist and problem solver rather than a visionary.

Mr Köhler's early career was in Germany's network of local and provincial savings banks. Under Chancellor Kohl he was a junior finance minister from 1990 to 1993, instrumental in drafting the Maastricht Treaty. He then moved into the job of president of Germany's Savings Bank Association from 1993 to 1998.

As an architect of Europe's Economic and Monetary Union, and a former deputy governor for Germany at the World Bank, he is well known on the scene of international finance. But was still viewed in some quarters as inexperienced for the IMF post as previously only former finance ministers and central bank presidents have held the position.

Currently the IMF as an institution is being questioned just as vigorously as ever, following the crisis in Argentina that many felt underlined the IMF's institutional weakness. Critics charge the organisation with being dogmatic and imposing harsh economic policies on its poor borrower countries. The international community is still waiting to see if Mr Köhler has the necessary determination to restore the legitimacy of the Fund.

For more on IMF and Argentina click here