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| Lagarde favourite for IMF as Mexican enters fray | Lagarde favourite for IMF as Mexican enters fray |
| (30 minutes later) | |
| Mexico's finance ministry has said it will nominate the country's central bank boss, Agustin Carstens, to head the International Monetary Fund (IMF). | Mexico's finance ministry has said it will nominate the country's central bank boss, Agustin Carstens, to head the International Monetary Fund (IMF). |
| France's finance minister, Christine Lagarde, is favourite to take the job. | France's finance minister, Christine Lagarde, is favourite to take the job. |
| However, Mr Carstens may hope to benefit from a backlash among developing countries against Europe's historic domination of the position. | However, Mr Carstens may hope to benefit from a backlash among developing countries against Europe's historic domination of the position. |
| The previous head - Frenchman Dominique Strauss-Kahn - quit last week to fight sexual assault charges in New York. | The previous head - Frenchman Dominique Strauss-Kahn - quit last week to fight sexual assault charges in New York. |
| The Mexicans' announcement on Sunday came a day ahead of the formal opening of nominations, with a deadline of 10 June set by the IMF for all candidates to be put forwards. | The Mexicans' announcement on Sunday came a day ahead of the formal opening of nominations, with a deadline of 10 June set by the IMF for all candidates to be put forwards. |
| A shortlist of three will then be drawn up over the following week, from which the Fund's executive board will choose the new head by 30 June. | A shortlist of three will then be drawn up over the following week, from which the Fund's executive board will choose the new head by 30 June. |
| 'Undermined' | 'Undermined' |
| Mr Carstens was previously a deputy managing director at the IMF, with responsibility for Mexico, Spain, Venezuela and Central America. | Mr Carstens was previously a deputy managing director at the IMF, with responsibility for Mexico, Spain, Venezuela and Central America. |
| The Mexican finance ministry said their man had "the abilities and qualifications needed to lead an institution of the relevance of the International Monetary Fund". | The Mexican finance ministry said their man had "the abilities and qualifications needed to lead an institution of the relevance of the International Monetary Fund". |
| South Africa and Australia have said the next managing director of the International Monetary Fund should be appointed on merit and not nationality. | South Africa and Australia have said the next managing director of the International Monetary Fund should be appointed on merit and not nationality. |
| The pair say the current appointment system undermines the IMF's legitimacy. | The pair say the current appointment system undermines the IMF's legitimacy. |
| The body has always been headed by a European, and UK chancellor George Osborne has joined other European leaders in backing Christine Lagarde for the post. | The body has always been headed by a European, and UK chancellor George Osborne has joined other European leaders in backing Christine Lagarde for the post. |
| "For too long, the IMF's legitimacy has been undermined by a convention to appoint its senior management on the basis of their nationality," Australian Treasurer Wayne Swan and South African Finance Minister Pravin Gordhan said in a joint statement. | "For too long, the IMF's legitimacy has been undermined by a convention to appoint its senior management on the basis of their nationality," Australian Treasurer Wayne Swan and South African Finance Minister Pravin Gordhan said in a joint statement. |
| "In order to maintain trust, credibility and legitimacy in the eyes of its stakeholders, there must be an open and transparent selection process which results in the most competent person being appointed as managing director, regardless of their nationality." | "In order to maintain trust, credibility and legitimacy in the eyes of its stakeholders, there must be an open and transparent selection process which results in the most competent person being appointed as managing director, regardless of their nationality." |
Possible IMF successors | Possible IMF successors |
| There is a range of possible contenders for the top job at the International Monetary Fund. Find out about some of them | 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 | French finance minister |
| France | France |
| If the post goes to a European, French Finance Minister Christine Lagarde, 55, looks like the leading candidate with backing from France, the UK and Germany. 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 | Former German finance minister |
| Germany | 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. | 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 | Former head of Bundesbank |
| Germany | 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. Both Germans' chances may have been sunk by their government's support for Ms Lagarde. | |
| Former economy minister | Former economy minister |
| Turkey | 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. As a previous vice-president of the World Bank he was seen as an early favourite. But he has recently ruled himself out of the running. | 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. As a previous vice-president of the World Bank he was seen as an early favourite. But he has recently ruled himself out of the running. |
| Ex Finance minister | Ex Finance minister |
| South Africa | 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. He has yet to announce his intention to run. | |
| Governor Bank of Mexico | Governor Bank of Mexico |
| Mexico | Mexico |
| Mr Carstens, 52, is to be nominated by the Mexican finance ministry. He 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 | Former UK Prime Minister |
| British | 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. | 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. |
| Finance minister/deputy prime minister | Finance minister/deputy prime minister |
| Singapore | Singapore |
| The 54-year-old has been the country's finance minister since 2007 and on Wednesday added the new job of deputy prime minister. With degrees from the London School of Economics and Harvard. He recently became the first Asian to hold the post of chairman of the IMF's policy advisory committee. | The 54-year-old has been the country's finance minister since 2007 and on Wednesday added the new job of deputy prime minister. With degrees from the London School of Economics and Harvard. He recently became the first Asian to hold the post of chairman of the IMF's policy advisory committee. |
| Economic adviser to India's PM | Economic adviser to India's PM |
| India | 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. | 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. |
| BACK {current} of {total} NEXT | BACK {current} of {total} NEXT |
| The duo are co-chairs of the G20's (Group of 20 leading rich and developing countries) IMF Reform Working Group. | The duo are co-chairs of the G20's (Group of 20 leading rich and developing countries) IMF Reform Working Group. |
| Emerging economies have been calling for an end to Europe's traditional grip on the IMF leadership post. | Emerging economies have been calling for an end to Europe's traditional grip on the IMF leadership post. |
| Former South African finance minister Trevor Manuel also has been raised as a possibility, although he has yet to throw his hat in the ring. | Former South African finance minister Trevor Manuel also has been raised as a possibility, although he has yet to throw his hat in the ring. |
| However, Kemal Dervis - credited with rescuing the Turkish economy as finance minister in 2001, and seen as a possible compromise candidate because of his Turkish nationality - has ruled himself out of the race. | However, Kemal Dervis - credited with rescuing the Turkish economy as finance minister in 2001, and seen as a possible compromise candidate because of his Turkish nationality - has ruled himself out of the race. |
| 'Distinguished' | 'Distinguished' |
| European leaders appear to be rallying behind Ms Lagarde as a common candidate, with the Dutch government becoming the latest to endorse her on Monday. | European leaders appear to be rallying behind Ms Lagarde as a common candidate, with the Dutch government becoming the latest to endorse her on Monday. |
| The British chancellor, George Osborne, said Ms Lagarde would be elected on a "merit-based candidacy, as she's been an outstanding finance minister and has chaired the G20 finance ministerial meetings this year in an effective and consensual way". | The British chancellor, George Osborne, said Ms Lagarde would be elected on a "merit-based candidacy, as she's been an outstanding finance minister and has chaired the G20 finance ministerial meetings this year in an effective and consensual way". |
| More significantly, Germany has also voiced support, seemingly ruling out the chances of two mooted German contenders - Finance Minister Peer Steinbrueck, and former Bundesbank head Axel Weber. | More significantly, Germany has also voiced support, seemingly ruling out the chances of two mooted German contenders - Finance Minister Peer Steinbrueck, and former Bundesbank head Axel Weber. |
| BBC Berlin Correspondent Steve Evans says Ms Lagarde has now also been endorsed "by the two people who matter in the German government". | BBC Berlin Correspondent Steve Evans says Ms Lagarde has now also been endorsed "by the two people who matter in the German government". |
| Chancellor Merkel said Ms Lagarde was "distinguished" and "very experienced", and the finance minister, Wolfgang Schaeuble, told the Bild on Sunday newspaper that she was "outstandingly qualified" and "extremely respected and appreciated in the entire financial world." | Chancellor Merkel said Ms Lagarde was "distinguished" and "very experienced", and the finance minister, Wolfgang Schaeuble, told the Bild on Sunday newspaper that she was "outstandingly qualified" and "extremely respected and appreciated in the entire financial world." |
| Mr Schaeuble told the German newspaper: "The US and Europe pay by far the biggest share of the contributions. | Mr Schaeuble told the German newspaper: "The US and Europe pay by far the biggest share of the contributions. |
| "It's like in a publicly traded company: Those who hold the majority of shares will also get to name the chairman." | "It's like in a publicly traded company: Those who hold the majority of shares will also get to name the chairman." |
| Voting rights | Voting rights |
| Mr Strauss-Kahn was the fourth Frenchman to have held the IMF's top job. | Mr Strauss-Kahn was the fourth Frenchman to have held the IMF's top job. |
| He is in New York on bail awaiting trial for sexual assault and attempted rape, charges he denies. | He is in New York on bail awaiting trial for sexual assault and attempted rape, charges he denies. |
| In their statement Mr Swan and Mr Gordhan said G20 leaders wanted to reforming international financial institutions, including the IMF and the World Bank. | In their statement Mr Swan and Mr Gordhan said G20 leaders wanted to reforming international financial institutions, including the IMF and the World Bank. |
| Developed industrialised countries currently control about 57% of the voting rights in the IMF, compared with about 43% for developing nations. | Developed industrialised countries currently control about 57% of the voting rights in the IMF, compared with about 43% for developing nations. |
| With the recent emergence of Brazil, Russia, India and China, many other global figures - including the head of the Organisation for Economic Co-operation and Development - had also called for the IMF job to go to a non-European. | With the recent emergence of Brazil, Russia, India and China, many other global figures - including the head of the Organisation for Economic Co-operation and Development - had also called for the IMF job to go to a non-European. |
| The appointment is usually decided unanimously by the IMF's executive board, although a majority vote by the board would be enough to choose the winner. | The appointment is usually decided unanimously by the IMF's executive board, although a majority vote by the board would be enough to choose the winner. |