Lagarde officially joins fray for IMF top post

Vittorio Hernandez – AHN News

Paris, France (AHN) – There are now two official contenders for the post vacated recently by former International Monetary Fund Managing Director Dominique Strauss-Kahn.

French Finance Minister Christine Lagarde, who enjoys the support of European nations, officially declared her availability for the top IMF post. She is the second official candidate after Mexico nominated Mexican Central Bank Governor Agustin Carstens earlier this week.

Addressing the growing global call for the IMF to appoint a new managing director based on merit and not geography, Lagarde insisted she is not resting her candidacy on her being a European. She said her geographic origin should not be a plus or minus for her candidacy when the IMF selects who should replace Strauss-Kahn, who resigned over sexual assault charges.

While Lagarde is assured of at least one-third of the votes on the IMF board, directors of the fund representing Brazil, Russia, India, China and South Africa pushed for an end to the decades-old gentleman’s agreement that the managing director should be a European.
The swing vote could possibly be the U.S., which holds one-fifth of the IMF board votes. However, U.S. Treasury Secretary Timothy Geithner refused to show his cards and commented only that Carstens and Lagarde are talented and credible candidates. However, the White House is expected to support Lagarde’s candidacy.

The 55-year-old Lagarde worked as a lawyer for 25 years before she joined politics in 2005. However, observers said her credentials for the top IMF post are beyond question. She was also a former national synchronized swimming medalist and often described as the rock star of the financial world.

The French finance minister said she officially declared her availability after personal reflection and consultation with French President Nicolas Sarkozy.
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