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IMF shortlist

June 14, 2011

The candidate list has been narrowed down to two: French Finance Minister Christine Lagarde and Mexican central banker Agustin Carstens have been named the final candidates to take over the International Monetary Fund.

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Lagarde and Carstens
Carstens faces an uphill battle against favorite Christine LagardeImage: picture alliance/dpa

The race for the the next head of the International Monetary Fund (IMF) narrowed Monday as the IMF shortlisted two candidates for the post: French Finance Minister Christine Lagarde and Bank of Mexico Governor Agustin Carstens.

The IMF said in a statement that its 24-member executive board would be interviewing Lagarde and Carstens in Washington DC in the coming days.

The board has set June 30 as a goal date to finish the selection process.

Dominique Strauss-Kahn in court
Strauss-Kahn had plead not guilty to charges of sexual assultImage: AP

The IMF made no mention of Bank of Israel Governor Stanley Fischer, who was a last-minute nomination and, at 67 years of age, exceeded the 65-year age cap for the position formerly occupied by Dominique Strauss-Kahn.

Fighting uphill

Mexico's Carstens acknowledged Monday that he faces an uphill battle and that chances were "quite high" that Lagarde would win the position. Lagarde has far broader support than Carstens; she has the backing of the European Union, as well as countries in Africa and the Middle East.

Carsten's main support base consists of Latin American countries.

The United States Treasury on Monday had yet to endorse a candidate, although it is expected to side with Lagarde.

The IMF, which provides loans and advice to governments in economic crisis, launched a search for a new managing director after last month's departure of Dominique Strauss-Kahn. He resigned days after a May 14 arrest for alleged sexual assault on a hotel maid in New York.

Time for a shake-up?

Christine Lagarde shows thumb up in front of EU stars
Lagarde has the most international backing, including support from the EUImage: AP

Europeans have held the post of IMF managing director since the institution was founded after World War II, while Americans have traditionally headed the World Bank, the IMF's sister development agency.

However, emerging-market countries have been raising pressure for governance of the two institutions to be opened up to candidates from developing nations.

Carstens is seen as the candidate of the emerging economies, yet leading developing nations including Brazil, India, China and Russia have yet to endorse him.

Author: David Levitz (AFP, dpa, Reuters)

Editor: Mark Hallam