Christine Lagarde is virtually assured of being escorted to the head of the International Monetary Fund (IMF) for a new five-year term whose beginning may be dominated by the chill of the global economy.
IMF’s Board of Directors, representing 188 Member States, ended on Thursday in a suspense by revealing that the French ruling, aged 60, was the only candidate to head the financial institution.
the Nominating deposit process, which was open from January 21, was closed Wednesday evening without having seen the emergence of another suitor, the statement said.
the IMF management body will now formally passing an oral exam at the former French Minister of Economy and intends to take a final decision “as quickly as possible” and on the basis of consensus.
unless an unlikely turn of events, the outcome of the process can be little doubt.
Arrival at the head of the IMF in July 2011, Lagarde had officially applied for membership on 22 January and immediately received the support of major United IMF members, including Great Britain, Germany and France, and several emerging countries, particularly in South America.
the United States, the first shareholders of the IMF, have also given their support to his candidacy welcoming Thursday by voice their Treasury Secretary Jack Lew, the “exceptional work” done by Mrs. Lagarde “at a critical time for the global economy.”
This unanimous concert of supporters, which Canada also participated, probably discouraged any alternative bid.
In 2011, before succeeding Dominique Strauss-Kahn, Lagarde had in contrast had to compete for the candidacy of the governor of Mexico Agustin Carstens Central Bank
-. Greece and Ukraine on the menu –
More than another candidate, it is mainly the legal troubles of Lagarde that could thwart his plans to run for another term.
in December, a French court has referred to the court for his “negligence” in the alleged case Tapie- credit Lyonnais at the time it was economy minister in France.
Lagarde challenged this decision in court but has mainly been supported by the IMF board, which immediately shown him his “confidence” in his ability to fulfill its mission despite these legal troubles.
“I have my conscience for me in this case. I hope the court, after the procedure, as long and painful as it is, will agree, “said Lagarde, ensuring that it acted” in the interests of the state “.
its very likely reappointment to head the IMF will endorse in any case once again the unspoken rule that Europeans nominate one of their own to head the IMF while Americans reserve the presidency of the World Bank.
during his tenure, Ms. Lagarde will include su boost the image of a traumatized institution by the Strauss-Kahn scandal even if economic remedies IMF are far from unanimous.
the ruling may also have the final adoption of a reform reinforcing the weight of emerging countries in the IMF and have opened the institution to new issues such as climate change or social inequalities .
the start of his next term will undoubtedly be dominated by growing concerns about the global economy, slowing Chinese background and unscrewing of other emerging countries.
it will also continue to closely monitor two burning issues that have occupied the IMF in recent years.
the Fund must firstly decide shortly whether or not participating in third level of aid Greece, a country that has already bailed out twice since 2010 but remains mired in a deep economic crisis.
the IMF will also decide on its aid package to Ukraine that he just threatened to suspend if Kiev does not intensifying its efforts in the fight against corruption.
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