Dominique Strauss-Kahn had his second chance before the Fund's board, this time for a formal interview, declaring that he would rebuild the legitimacy of the IMF.

DSK had his formal interview before the IMF board on Thursday, which was accompanied by the release of his statement. Absurdly enough, AFP reports that he was "calm" before the meeting. Who wouldn't be calm before an interview when you are already assured of the job?

DSK's statement was the closest a European official has come to openly disparaging the Fund in a long time. His statement that "Most emerging, developing and less developed countries do question the legitimacy of the Fund", though obvious to the outside observer, is a more candid assessment than any European official has given to civil society or the public in a long time. I was struck by how little the European officials that I have met recognize the depth of the Fund's legitimacy crisis. DSK pledged to fix that, but it is unclear how he will push it ahead.

One hint came in the statement - he knows he can not openly confront the European powers and force through formal changes in the Fund's voting structure, so he must try to do it informally. While repeating his support for the use of double majority decision-making, Strauss-Kahn tacitly accepted that he couldn't entrench such a system in the formal by-laws of the organisation:

I have given the example of a double majority system (quotas and chairs) as a way to better ensure that key decisions command the appropriate level of consensus. While I don't think any institutional change is mandatory, I can nevertheless make a commitment to consider that any decision not likely to obtain the support of a qualified majority of chairs should be delayed by the MD.

DSK also retread the debates over surveillance, the role of the Fund in low-income countries, the Fund's budget, contingency financing, staff diversity, and more. But his statement contains nothing radical. He ended by saying: "It will be a hard task for all of us to rebuild both the relevance and the legitimacy of this organization. But I am prepared to do that and I ask you to be prepared as well. An institution like the IMF is priceless. It would probably be impossible to create such an institution today. The IMF is a gift of the past; let's make the IMF a promise for the future."

With the rhetoric finished we now just wait until the 28th for the crown to officially be placed on DSK's head.