Lagarde looking good for IMF role
(24 June 2011 – Global) French Finance Minister Christine Lagarde appears on track to win final approval to lead the International Monetary Fund (IMF).
The IMF executive board had interviewed candidates this week, with many people involved in the selection process and other observers expecting Ms Lagarde to sail into the managing director’s job.
Her only rival, Mexican central banker Agustin Carstens had little support after interviews last Tuesday.
The board has repeatedly said it would aim to select a new leader by June 30 using a 'consensus' method that allows the dean of the board, Egypt's Shakour Shaalan, to deduce the will of the board based on members' informal indications.
That could shield directors from the position of voting against someone they may need to turn to later for an emergency loan, and protect losing candidates from embarrassment for not receiving much support.
'This will avoid having each member vote on a name,' said Domenico Lombardi, a former IMF board member.
Ms Lagarde became Europe's leading candidate even before the nominations period opened, shortly after former IMF chief Dominique Strauss-Kahn resigned after his arrest last month on sexual-assault charges in New York.
Her only rival, Mexican central banker Agustin Carstens had little support after interviews last Tuesday.
The board has repeatedly said it would aim to select a new leader by June 30 using a 'consensus' method that allows the dean of the board, Egypt's Shakour Shaalan, to deduce the will of the board based on members' informal indications.
That could shield directors from the position of voting against someone they may need to turn to later for an emergency loan, and protect losing candidates from embarrassment for not receiving much support.
'This will avoid having each member vote on a name,' said Domenico Lombardi, a former IMF board member.
Ms Lagarde became Europe's leading candidate even before the nominations period opened, shortly after former IMF chief Dominique Strauss-Kahn resigned after his arrest last month on sexual-assault charges in New York.
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