The drawback obviously was that the asset that we thought might be available for reconstruction didn't exist, so we didn't have it.

CENTERFORSECURITYPOLICY: Remarks to the Council on Foreign Relations

His main competition for the IMF post was thought to be Frenchman Jean Lemierre, who is head of the European Bank for Reconstruction and Development (EBRD).

BBC: NEWS | Business | Rato confirmed in IMF's top job