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| Fight for IMF top job goes global | Fight for IMF top job goes global |
| (about 7 hours later) | |
| Emerging economies are expected to battle hard for the top job at the International Monetary Fund, following the arrest of current head Dominique Strauss-Kahn, analysts say. | Emerging economies are expected to battle hard for the top job at the International Monetary Fund, following the arrest of current head Dominique Strauss-Kahn, analysts say. |
| That could pit the fast-growing markets of Asia and Latin America against Europe. | That could pit the fast-growing markets of Asia and Latin America against Europe. |
| Developing countries are seeking more influence on the world stage as their economic clout increases. | Developing countries are seeking more influence on the world stage as their economic clout increases. |
| Mr Strauss-Kahn has been charged with attempted rape in New York. | Mr Strauss-Kahn has been charged with attempted rape in New York. |
| European officials, however, say the debt problems in the region mean any replacement should come from Europe. | European officials, however, say the debt problems in the region mean any replacement should come from Europe. |
| The current structure for leadership at the IMF and the World Bank is one where the former is headed by a European and the latter by an American. | The current structure for leadership at the IMF and the World Bank is one where the former is headed by a European and the latter by an American. |
| "There is growing disquiet, particularly among emerging nations, about this division of roles," said Jan Randolph, head of sovereign risk analysis at IHS Global Insight. | "There is growing disquiet, particularly among emerging nations, about this division of roles," said Jan Randolph, head of sovereign risk analysis at IHS Global Insight. |
| He says China could use its influence to support an emerging market candidate for the top IMF job. | He says China could use its influence to support an emerging market candidate for the top IMF job. |
| "China is the biggest new IMF bondholder. Its huge financial contribution in 2008 effectively tripled the size of the IMF's lending power during the financial crisis." | "China is the biggest new IMF bondholder. Its huge financial contribution in 2008 effectively tripled the size of the IMF's lending power during the financial crisis." |
| That financial might is coming into focus as developing countries start taking a larger share of the global economy. | That financial might is coming into focus as developing countries start taking a larger share of the global economy. |
| Talented field | |
| Although Mr Strauss-Kahn has not officially resigned, most analysts expect that he will do so. | Although Mr Strauss-Kahn has not officially resigned, most analysts expect that he will do so. |
| John Lipsky, who was named as the IMF's acting managing director, has already said he will step down in August, when his term ends. | John Lipsky, who was named as the IMF's acting managing director, has already said he will step down in August, when his term ends. |
| Names of potential candidates for the top job are already being bandied about. | Names of potential candidates for the top job are already being bandied about. |
| Singapore's finance minister Tharman Shanmugaratnam, former South African finance minister Trevor Manuel and Kemal Dervis, Turkey's former minister of economic affairs are possible successor, according to former IMF official Eswar Prasad. | Singapore's finance minister Tharman Shanmugaratnam, former South African finance minister Trevor Manuel and Kemal Dervis, Turkey's former minister of economic affairs are possible successor, according to former IMF official Eswar Prasad. |
| The highest-profile European candidate for the job is France's finance minister, Christine Lagarde, according to the Financial Times. | |
| Reuters news agency has compiled its own list of names which also include Montek Singh Ahluwalia of India and Agustin Carstens of Mexico. | Reuters news agency has compiled its own list of names which also include Montek Singh Ahluwalia of India and Agustin Carstens of Mexico. |
| Possible IMF successors | |
| Israel's central bank governor | |
| Israel/United States | |
| Mr Fischer, 67, knows the IMF well having served as first deputy managing director at the Fund from 1994 to 2001. A world-renowned economist, he has authored more than a dozen books and headed the prestigious economics department at the Massachusetts Institute of Technology. | |
| CEO of bond investor PIMCO | |
| Israel/US/Egypt/France | |
| Mr El-Erian, 52, has twice been put forward for the IMF job by Egypt's representative at the fund. An expert on emerging market debt, he worked at the IMF for 15 years in the 1980s and 1990s, before joining a major US bank in London. However, as his ex-wife is a senior IMF official he is an outsider. | |
| Former German finance minister | |
| Germany | |
| Mr Steinbrueck, 62, is a long-shot to become IMF chief, in part because he alienated allies of Germany with his fiery rhetoric while serving as finance minister in conservative Chancellor Angela Merkel's "grand coalition" from 2005 to 2009. He also alienated the United States by openly blaming it for the global financial crisis. | |
| Former head of Bundesbank | |
| Germany | |
| Mr Weber, 54, stunned Europe by announcing in February that he would be stepping down early from his post as head of the German Bundesbank. Like Mr Steinbrueck, Mr Weber has a reputation as something of a loose cannon, who speaks his mind without regard to political or diplomatic constraints. | |
| Economic adviser to India's PM | |
| India | |
| Mr Ahluwalia, 67, is an influential economic adviser to Indian Prime Minister Manmohan Singh and has been a key figure in the country's economic reforms from the mid-1980s onwards. Supports open markets and has pushed the government to end fuel price controls and remove barriers to foreign business. His age may count against him. | |
| Former economy minister | |
| Turkey | |
| Seen as a leading candidate for the IMF post if it goes to a non-European, Mr Dervis is credited with bringing Turkey back from the brink after a disastrous 2001 financial crisis, by pushing through tough reforms and helping secure a multi-billion dollar IMF bailout. He previously worked at the World Bank where he rose to become vice president. | |
| French finance minister | |
| France | |
| If the post does end up going to a European, French Finance Minister Christine Lagarde, 55, looks like a top candidate. A flawless English speaker, Lagarde was voted best finance minister in Europe by the Financial Times in 2009. Counting against her is her nationality since so many previous IMF chiefs have been french. | |
| Ex Finance minister | |
| South Africa | |
| Mr Manuel, 55, is well-respected in global financial circles, having served as finance minister of South Africa from 1996 to 2009. Born in Cape Town under apartheid, he was imprisoned repeatedly by the South African government for political activities in the late 1980s. | |
| Governor Bank of Mexico | |
| Mexico | |
| Carstens, 52, has served most of his professional career as an economic policymaker in his home country, becoming governor of the Bank of Mexico in January of last year after previously serving as the bank's chief economist. He had a successful stint at the IMF from 2003 to 2006. | |
| Former UK Prime Minister | |
| British | |
| The 60-year old former UK prime minister and finance minister has long been seen as a candidate for the IMF job or another big international financial post, but his successor David Cameron dismissed him last month as a "deficit denier" and stated he was not the right man for the job, adding that it was time to look beyond Europe. | |
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