Lagarde is poised to clinch IMF top post
June 28, 2011, Tuesday
|
Print Edition
Print Edition
FRENCH Finance Minister Christine Lagarde appeared poised to become the head of the International Monetary Fund this week despite a strong challenge to Europe's traditional hold on the job.
An informal Reuters survey of voting countries indicated Lagarde would easily get the majority consensus needed over Agustin Carstens, Mexico's central bank governor, to become the next managing director of the global lender.
Carstens picked up endorsements from Canada and Australia late on Friday in a significant challenge to Europe's grip on the IMF top post, but it is unlikely to change the outcome.
The IMF's 24-strong board of member countries was scheduled to hold a straw poll yesterday to find which candidate has a clear majority.
The race has been one of the most hotly contested in IMF history as developing countries have aggressively pursued a process that would be based on the best qualified candidate and not based on nationality, despite Europe's large voting bloc.
The determining voice over the next two days will be the United States, which so far has been silent on who it supports. However, the Obama administration is widely expected to back Lagarde, 55, to preserve the long-standing convention with Europe that Americans will be the IMF's No. 2 official and the president of the World Bank.
Japan and China, which rank second and third behind the United States in voting influence, have also refrained from publicly supporting any candidate. However, IMF board officials said both countries are likely to vote for Lagarde.
The US holds close to 17 percent of the vote. As a group European countries, including Nordic countries, hold somewhere between 40 to 47 percent of the voting sway on the board.
Countries such as Egypt, Indonesia, South Korea, Russia and French-speaking African nations early on declared their support for Lagarde, but represent marginal voting power.
The IMF job fell vacant after the resignation of Dominique Strauss-Kahn, who has been charged with sexually assaulting a hotel maid in New York. He denies the charges.
Although a self-proclaimed long-shot candidate, Carstens has vigorously campaigned on his experience as a former IMF official, as well as dealing with developing world economic crises.
An informal Reuters survey of voting countries indicated Lagarde would easily get the majority consensus needed over Agustin Carstens, Mexico's central bank governor, to become the next managing director of the global lender.
Carstens picked up endorsements from Canada and Australia late on Friday in a significant challenge to Europe's grip on the IMF top post, but it is unlikely to change the outcome.
The IMF's 24-strong board of member countries was scheduled to hold a straw poll yesterday to find which candidate has a clear majority.
The race has been one of the most hotly contested in IMF history as developing countries have aggressively pursued a process that would be based on the best qualified candidate and not based on nationality, despite Europe's large voting bloc.
The determining voice over the next two days will be the United States, which so far has been silent on who it supports. However, the Obama administration is widely expected to back Lagarde, 55, to preserve the long-standing convention with Europe that Americans will be the IMF's No. 2 official and the president of the World Bank.
Japan and China, which rank second and third behind the United States in voting influence, have also refrained from publicly supporting any candidate. However, IMF board officials said both countries are likely to vote for Lagarde.
The US holds close to 17 percent of the vote. As a group European countries, including Nordic countries, hold somewhere between 40 to 47 percent of the voting sway on the board.
Countries such as Egypt, Indonesia, South Korea, Russia and French-speaking African nations early on declared their support for Lagarde, but represent marginal voting power.
The IMF job fell vacant after the resignation of Dominique Strauss-Kahn, who has been charged with sexually assaulting a hotel maid in New York. He denies the charges.
Although a self-proclaimed long-shot candidate, Carstens has vigorously campaigned on his experience as a former IMF official, as well as dealing with developing world economic crises.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
