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| Lipsky: Christine Lagarde 'excellent choice' for IMF | Lipsky: Christine Lagarde 'excellent choice' for IMF |
| (about 1 hour later) | |
| The acting managing director of the IMF, John Lipsky, has said Christine Lagarde, the French finance minister, would be "an excellent choice" to head the organisation. | The acting managing director of the IMF, John Lipsky, has said Christine Lagarde, the French finance minister, would be "an excellent choice" to head the organisation. |
| Mr Lipsky has been temporarily in charge of the International Monetary Fund since Dominique Strauss-Kahn was arrested on suspicion of rape. | Mr Lipsky has been temporarily in charge of the International Monetary Fund since Dominique Strauss-Kahn was arrested on suspicion of rape. |
| Christine Lagarde has also been praised by both Italy and Sweden. | Christine Lagarde has also been praised by both Italy and Sweden. |
| Singapore's finance minister also appears to be gaining support. | Singapore's finance minister also appears to be gaining support. |
| Tharman Shanmugaratnam has been backed as a possible choice by the Philippine finance minister and his Thai counterpart. | Tharman Shanmugaratnam has been backed as a possible choice by the Philippine finance minister and his Thai counterpart. |
| Complex vote | Complex vote |
| In order to become managing director of the IMF, individuals must be proposed by one of its 187 member countries. | In order to become managing director of the IMF, individuals must be proposed by one of its 187 member countries. |
| Developing nations are keen that the next IMF chief should come from outside of Europe. | Developing nations are keen that the next IMF chief should come from outside of Europe. |
| Other potential candidates from developing countries could include South Africa's Finance Minister Trevor Manuel and Turkey's former minister of economic affairs, Kemal Dervis. | Other potential candidates from developing countries could include South Africa's Finance Minister Trevor Manuel and Turkey's former minister of economic affairs, Kemal Dervis. |
| However. since the body's formation in 1944, a European has filled the post and European officials are eager for the next leader to be one of their own. | However. since the body's formation in 1944, a European has filled the post and European officials are eager for the next leader to be one of their own. |
| Angela Merkel, the German chancellor, has already said that the post should go to a European. | Angela Merkel, the German chancellor, has already said that the post should go to a European. |
| Europe and the US together still control almost 50% of the votes, although the voting system is in the process of being changed to reflect the increasing power of the emerging markets. | Europe and the US together still control almost 50% of the votes, although the voting system is in the process of being changed to reflect the increasing power of the emerging markets. |
| The US has not yet indicated who it might favour. | The US has not yet indicated who it might favour. |
| "We haven't taken a position on any candidate," said Lael Brainard, US Treasury undersecretary for international affairs. | "We haven't taken a position on any candidate," said Lael Brainard, US Treasury undersecretary for international affairs. |
| Mr Lipsky, who is due to step down from the Fund at the end of August, said the field was wide open: "I'm sure we'll hear many names. I'm encouraged, I've heard mention many very talented professionals." | Mr Lipsky, who is due to step down from the Fund at the end of August, said the field was wide open: "I'm sure we'll hear many names. I'm encouraged, I've heard mention many very talented professionals." |
| But Christine Lagarde has been tipped as the current favourite, a situation that Mr Lipsky appeared to acknowledge in an interview with the BBC's economics editor Stephanie Flanders. | But Christine Lagarde has been tipped as the current favourite, a situation that Mr Lipsky appeared to acknowledge in an interview with the BBC's economics editor Stephanie Flanders. |
| "I have the very highest regard for Ms Lagarde and I'm sure like many other candidates she would be an excellent choice," he said. | "I have the very highest regard for Ms Lagarde and I'm sure like many other candidates she would be an excellent choice," he said. |
Coming battle href="/nol/shared/spl/hi/dhtml_slides/css/v3/styles.css?2" rel="stylesheet" type="text/css" /> href="/nol/shared/spl/hi/dhtml_slides/css/v3/imf.css?2" rel="stylesheet" type="text/css" /> href="/nol/shared/bsp/hi/dhtml_slides/11/imf_successors/css/textslide2.css" rel="stylesheet" type="text/css" />class="dslideshow-header">Possible IMF successors
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| There is a range of possible contenders for the top job at the International Monetary Fund. Find out about some of them | |
| French finance minister | |
| France | |
| If the post goes to a European, French Finance Minister Christine Lagarde, 55, looks like the leading candidate. A flawless English speaker, she 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. | |
| 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 central bank, the 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. | |
| Former economy minister | |
| Turkey | |
| 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 bail-out. He had previously risen to vice-president at the World Bank. Seen as a leading candidate if the IMF post goes to someone outside central Europe. | |
| 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 | |
| Mr Carstens, 52, has spent 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 - whose support he would need - has dismissed him as a "deficit denier", adding that it was time to look beyond Europe. | |
| Israel's central bank governor | |
| Israel/United States | |
| Mr Fischer, 67, knows the IMF well having served as the first deputy managing director at the fund from 1994 to 2001. A world-renowned economist, he has written more than a dozen books and headed the prestigious economics department at the Massachusetts Institute of Technology. | |
| 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. He 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. | |
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| The IMF is a crucial part of the world financial system, along with the World Bank. | The IMF is a crucial part of the world financial system, along with the World Bank. |
| It represents the interests of its 187 member countries and has played a central role in the eurozone crisis, lending billions of dollars to help bail-out Greece, Ireland and Portugal. | It represents the interests of its 187 member countries and has played a central role in the eurozone crisis, lending billions of dollars to help bail-out Greece, Ireland and Portugal. |
| Mr Lipsky would not be drawn on the battle that is emerging between European and emerging economies over who should get the job. | Mr Lipsky would not be drawn on the battle that is emerging between European and emerging economies over who should get the job. |
| "This is an institution that works best in a collaborative, cooperative way. Most decisions are taken by consensus at the level of the executive board. | "This is an institution that works best in a collaborative, cooperative way. Most decisions are taken by consensus at the level of the executive board. |
| "So I'd expect, in the end, there will be general agreement around a talented, effective new managing director." | "So I'd expect, in the end, there will be general agreement around a talented, effective new managing director." |