IMF candidate scolds Europe
Source: Agencies |
June 17, 2011, Friday
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Print Edition
Print Edition
MEXICAN Central Bank Governor and IMF-contender Agustin Carstens yesterday rebuked his European counterparts for reneging on their promise to back a non-European to head the fund and vowed to give emerging powers more say if elected.
Speaking in Beijing where he was seeking support for his IMF candidacy, Carstens said Europe was "over represented" in the IMF, but stopped short of accusing his European colleagues of supporting his rival, French Finance Minister Christine Lagarde, based on her nationality.
"Regretfully, this time around, Europe didn't embrace the spirit of having a merit-based process," Carstens said.
"The fact that Europe decided to support Lagarde even before she was formally presented as a candidate, and even before all the candidates were announced, that certainly shows they are not (assessing) the merits of the candidates," he said.
Lagarde is widely seen as the front-runner to replace former IMF chief Dominique Strauss-Kahn after he was arrested last month for sexual assault charges.
Carstens said while he could understand Europe's desire to elect one of their own to help solve the region's debt crisis, the time had come to give emerging economies more power to run international financial organizations.
He described his meetings with China's central bank Governor Zhou Xiaochuan and Finance Minister Xie Xuren as fruitful and frank, and called for China to play a "broader role" in the fund to match its role as the world's second-largest economy.
He declined to comment on whether China supported his candidacy.
"I certainly highlighted the need for emerging markets to have a much stronger presence at the institution," he said. "The steps that have been taken so far are timid, and we need to stress further reforms in such a way so there is more even representation."
Carstens' visit to Beijing follows one by Lagarde last week.
The IMF board will choose the next managing director by June 30.
Speaking in Beijing where he was seeking support for his IMF candidacy, Carstens said Europe was "over represented" in the IMF, but stopped short of accusing his European colleagues of supporting his rival, French Finance Minister Christine Lagarde, based on her nationality.
"Regretfully, this time around, Europe didn't embrace the spirit of having a merit-based process," Carstens said.
"The fact that Europe decided to support Lagarde even before she was formally presented as a candidate, and even before all the candidates were announced, that certainly shows they are not (assessing) the merits of the candidates," he said.
Lagarde is widely seen as the front-runner to replace former IMF chief Dominique Strauss-Kahn after he was arrested last month for sexual assault charges.
Carstens said while he could understand Europe's desire to elect one of their own to help solve the region's debt crisis, the time had come to give emerging economies more power to run international financial organizations.
He described his meetings with China's central bank Governor Zhou Xiaochuan and Finance Minister Xie Xuren as fruitful and frank, and called for China to play a "broader role" in the fund to match its role as the world's second-largest economy.
He declined to comment on whether China supported his candidacy.
"I certainly highlighted the need for emerging markets to have a much stronger presence at the institution," he said. "The steps that have been taken so far are timid, and we need to stress further reforms in such a way so there is more even representation."
Carstens' visit to Beijing follows one by Lagarde last week.
The IMF board will choose the next managing director by June 30.
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