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IMF Exclusive for European?
The candidates for the new head of IMF will not be announced until June 10th but the talks about who’s going to be the next number one person in IMF are everywhere. The position as managing director of IMF was held by Dominique Strauss-Kahn of France who was abdicated from his duty as after his attempt to rape a hotel maid.
France’s president Nicholas Sarkozy nominates his finance minister, Christine Lagarde to fill the vacancy. Lagarde also gets big support from the G8 leaders even though the issue was not brought during the meeting in Deauville (Reuters, 2011). However, despite the ongoing tradition since 1945 that IMF leader has to be from Europe, many say that the next chief should be from other non-Europe strong countries; such as Singapore, India, China, Mexico, South Africa and Brazil (Bloomberg, 2011).
The reason that the next fund leader should be non-European is due to the fact that “IMF was criticized for causing severe damage in its handling of the 1997-98 Asian financial crisis. Not all the critiques were fair, but Asian leaders correctly feel they received far less favorable deals than Greece, Ireland and Portugal recently got. The IMF initially lent Greece, for example, almost twice what Korea was able to borrow in 1997, relative to each country’s size.” (The Economist Newspaper Limited, 2011).
Here are the strong candidates besides Lagarde.
AgustÃn Carstens, head of Mexico’s Central Bank and a former official at the fund.
Mark Carney, the Governor of the Bank of Canada and had thirteen years finance experience with Goldman Sachs.
Stanley Fischer, the Governor of Israel’s Central Bank and a former number two at the IMF.
Tharman Shanmugaratnam, Singapore’s Finance Minister and head of the IMF’s policy advisory committee.
Or Sri Mulyani, former Indonesia’s Finance Minister and currently serve as one of the three Managing Director of the World Bank Group.