IMF: emerging nations say no to a European director
“We are concerned with public statements made recently by high-level European officials to the effect that the position of managing director should continue to be occupied by a European,” said the BRICS representatives. “Several international agreements have called for a truly transparent, merit-based and competitive process for the selection of the Managing Director of the IMF and other senior positions in the Bretton Woods institutions. This requires abandoning the obsolete unwritten convention that requires that the head of the IMF be necessarily from Europe.”
The list of candidates for the post of managing director after the resignation of Dominique Strauss-Kahn (under house arrest for sex crimes) is open until 10 June. So far, the five BRICS nations have not presented their own candidates or backed any one candidate, but they have said that they would like to see someone from an emerging nation take the post.
European members of the IMF favour French Economy Minister Christine Lagarde (pictured), who might announce her candidacy. For now, the main “emerging” candidate is Zhou Min, from China’s central bank, and currently a special advisor to the managing director of the IMF. Other possible candidates include Arvind Virmani, an IMF’s executive director from India, and Grigori Marchenko, Marchenko, who heads the central bank of Kazakhstan and is backed by Moscow.
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