Lagarde clear IMF favorite
Source: Agencies |
June 11, 2011, Saturday
|
Print Edition
Print Edition
SOUTH Africa's Trevor Manuel yesterday ruled himself out of the race to head the International Monetary Fund, making French finance minister Christine Lagarde an even firmer favorite, although the threat of a judicial inquiry remains.
Emerging market powers such as China, Russia and India have said they want an end to Europe's grip on the job, calling time on a pact that puts the IMF in European hands while the World Bank is run by an American.
Yet the only declared rival to Lagarde as the window for nominations drew to a close yesterday was Mexican Central Bank chief Agustin Carstens, whose policy views are seen as too conservative by many of his emerging market peers.
Lagarde is backed by the European Union and a handful of smaller countries. Paris is hopeful that Washington and Beijing will also stand behind her.
Emerging nations have not rallied as expected behind Carstens, who in particular lacks the explicit backing of Brazil and India.
Manuel, a respected former South African finance minister, opted not to stand but said it would be "most unfortunate if we end up with a European who is bound by the EU."
The United States and Europe hold 48 percent of votes at the IMF, emerging nations just 12 percent.
In New Delhi, Carstens said Mexico and India agreed emerging market countries needed greater representation at the IMF.
Lagarde is seen as the clear favorite despite a legal investigation into her role in a 2008 arbitration payout that will hang over her candidacy.
A French court yesterday put off until July 8 its decision on whether to open a formal inquiry into allegations she abused her authority in approving a 285 million euro (US$412.8 million) payout to a friend of President Nicolas Sarkozy.
Emerging market powers such as China, Russia and India have said they want an end to Europe's grip on the job, calling time on a pact that puts the IMF in European hands while the World Bank is run by an American.
Yet the only declared rival to Lagarde as the window for nominations drew to a close yesterday was Mexican Central Bank chief Agustin Carstens, whose policy views are seen as too conservative by many of his emerging market peers.
Lagarde is backed by the European Union and a handful of smaller countries. Paris is hopeful that Washington and Beijing will also stand behind her.
Emerging nations have not rallied as expected behind Carstens, who in particular lacks the explicit backing of Brazil and India.
Manuel, a respected former South African finance minister, opted not to stand but said it would be "most unfortunate if we end up with a European who is bound by the EU."
The United States and Europe hold 48 percent of votes at the IMF, emerging nations just 12 percent.
In New Delhi, Carstens said Mexico and India agreed emerging market countries needed greater representation at the IMF.
Lagarde is seen as the clear favorite despite a legal investigation into her role in a 2008 arbitration payout that will hang over her candidacy.
A French court yesterday put off until July 8 its decision on whether to open a formal inquiry into allegations she abused her authority in approving a 285 million euro (US$412.8 million) payout to a friend of President Nicolas Sarkozy.
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