Carstens: Don't pick European IMF chief
Source: Agencies |
June 15, 2011, Wednesday
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Print Edition
Print Edition
MEXICAN central banker Agustin Carstens said on Monday that the next leader of the International Monetary Fund should not be European because those nations are borrowing heavily from the lending organization. But he also acknowledged that his own bid was a long shot.
Carstens pressed his candidacy to head the IMF during a speech at the Peterson Institute for International Economics, a Washington think tank.
European officials have closed ranks behind French Finance Minister Christine Lagarde, who has emerged as the front-runner. Carstens acknowledged the steep challenge he faces, saying the chances of Lagarde winning the job are "quite high."
Carstens said it was important for developing countries to have a choice in the election. He said Lagarde's candidacy would create "conflicts of interest" because Greece, Ireland and Portugal are borrowing heavily from the Fund. And while he may not succeed, he said he hoped his candidacy would pave the way for emerging market candidates in the future.
"If we want to have an open and unbiased process, we need to present candidates," he told 100 policy makers and economists. He also met with US Treasury Secretary Timothy Geithner, but said Geithner did not endorse his candidacy.
The IMF, which lends money to countries in financial difficulty, is seeking a new managing director to replace Dominique Strauss-Kahn. He resigned last month after his arrest on sexual assault charges.
On Monday, the IMF issued a press release saying the selection process is down to two candidates, Lagarde and Carstens. Stanley Fischer, an Israeli central banker, said yesterday that he had been disqualified from the race for the job because of his age.
Carstens pressed his candidacy to head the IMF during a speech at the Peterson Institute for International Economics, a Washington think tank.
European officials have closed ranks behind French Finance Minister Christine Lagarde, who has emerged as the front-runner. Carstens acknowledged the steep challenge he faces, saying the chances of Lagarde winning the job are "quite high."
Carstens said it was important for developing countries to have a choice in the election. He said Lagarde's candidacy would create "conflicts of interest" because Greece, Ireland and Portugal are borrowing heavily from the Fund. And while he may not succeed, he said he hoped his candidacy would pave the way for emerging market candidates in the future.
"If we want to have an open and unbiased process, we need to present candidates," he told 100 policy makers and economists. He also met with US Treasury Secretary Timothy Geithner, but said Geithner did not endorse his candidacy.
The IMF, which lends money to countries in financial difficulty, is seeking a new managing director to replace Dominique Strauss-Kahn. He resigned last month after his arrest on sexual assault charges.
On Monday, the IMF issued a press release saying the selection process is down to two candidates, Lagarde and Carstens. Stanley Fischer, an Israeli central banker, said yesterday that he had been disqualified from the race for the job because of his age.
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