IMF leadership contest intensifies as Carstens puts case against Europe

Mexican candidate urges emerging markets not to treat European monopoly as ‘business as usual’ The battle for the leadership of the International Monetary Fund intensified on Tuesday when Mexico’s Agustín Carstens criticised Europe’s leaders for attempting to impose their favoured candidate. Carstens, one candidate from an emerging economy , said the next IMF managing director must be appointed through a fair and open process. The Bank of Mexico governor argued that the developing world must not meekly allow Europe to maintain its monopoly on the IMF leadership. “If emerging markets don’t act in line with our aspirations, we will never get to where we want to be,” Carstens told the Financial Times . “If we give in to the European church and treat it as business as usual, things will never change.” Carstens’ intervention came as Christine Lagarde, the frontrunner to replace Dominique Strauss-Kahn , continued to seek support for her own bid. Lagarde met Indian officials on Tuesday in the latest stage of her global tour. Speaking after the meeting, Lagarde said the discussions had been fruitful. “I have demonstrated my merits and it is for them to decide whether I am good enough or not for the post of IMF,” Lagarde told CNBC. The Indian authorities, though, declined to say whether or not they would offer the French finance minister their support. The finance minister, Pranab Mukherjee, told journalists in New Delhi that India felt the selection should be based on “merit, competence, and [be made] in a transparent manner”. Lagarde is now heading to China to try to drum up support. Nominations for the top position at the IMF close on 10 June, with the victor expected to be announced on 30 June. Other potential candidates include South Africa’s former finance minister Trevor Manuel. Traditionally, the head of the IMF has always been European, but this status quo has been criticised by many nations outside the EU since Strauss-Kahn’s arrest in New York and subsequent resignation left the post vacant. Lagarde, though, has the support of several countries. A Russian official said on Tuesday that her knowledge, education and experience made her “second to none”. IMF Economics Global economy Mexico Christine Lagarde Graeme Wearden guardian.co.uk

Posted by on June 7, 2011. Filed under News, Politics, World News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.