Political Risk Latin America Blog @PolRiskLatam

EM head for IMF? Forget it

Posted in News and Articles, Political Risk by politicalrisklatam on May 20, 2011

by Stefan Wagstyl for Financial Times, Beyond Brics, May 19th, 2011.

No sooner has the debate begun on an emerging markets candidate, than it looks to be over.

Angela Merkel on Wednesday openly declared her support for a European to succeed the disgraced Dominique Strauss-Kahn as managing director. And she did so in terms designed to cut short the discussion – saying DSK’s early departure was an argument for appointing another European.

No delicate talks about merit, experience or CV.  Buy Christine Lagarde, France’s finance minister (pictured) and Europe’s strongest candidate. Sell the rest.

Merkel said:

I am of the opinion that we should propose a European candidate. Of course currently there are talks about this, I will not name any names but we will discuss this within the European Union. It is of course of great importance that we find a quick solution.

Merkel was generous enough to say that in general EM people have the right to top jobs at the IMF and the World Bank (very kind). But in this case, with a European giving up the post prematurely and the IMF involved in the eurozone crisis, a European should have the job (surprise, surprise). (continue reading… )


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