As Britain’s EU referendum campaign apparently turns into a Conservative civil-war-by-proxy (always entertaining to watch but hardly the point of the exercise), voters are looking for light relief anywhere they can.
It arrived this week in the form of a very British object: a beer mat. Tim Martin, owner of JD Wetherspoon, the UK pub chain, and a well-known advocate to leave, has had beermats printed with questions for Christine Lagarde, head of the International Monetary Fund.
Somehow it is hard to imagine the urbane Ms Lagarde as a Wetherspoon’s drinker, necking pints of lager amid the crowds of punters during a Thursday curry club night. So here is an attempt to answer the questions on her behalf.
Q: Is the governance of the IMF better than that of Fifa?
Yes, it is. It answers to sovereign governments and is not run on a systemic basis of bribery and corruption. Then again, the IMF has never tried hosting a World Cup. Next question.
Q: Did anyone elect you?
No, I was appointed by sovereign governments (see above) as were, for example, the governor of the Bank of England, the entire US cabinet, the French prime minister and the British House of Lords. And the chief executive of Wetherspoon, minus the sovereign government bit.
Q: Why is Greece in such trouble after six years of IMF advice?
OK, we are bang to rights on this one. To a minor extent because Greece did not follow our advice but mainly because we believed that they would be able to generate growth and pay down debt despite massive fiscal tightening. I think your George Osborne, chancellor, has something to say on this particular issue.
Q: Has the IMF warned the euro zone that no currency in history has been able to survive without a single government?
The East Caribbean dollar, the official currency in eight countries, has been going steadily since 1965, taking over from the British West Indies dollar which was created 30 years earlier.
The two interchangeable CFA Francs have been the currencies of several central and west African states since 1945. The florin issued by the authorities in medieval Florence and the counterpart coins created by other kingdoms and principalities acted as an anchor currency for European trade and finance for centuries.
Fancy a drink?
Don’t mind if I do. You wouldn’t have any Sancerre, would you?
(The final question is made up.)
- Copyright The Financial Times Limited 2016
