French Finance Minister announces bid for top IMF post

Lagarde's candidacy sees rift in support between Europe and key developing nations

French Finance Minister Christine Lagarde announced her candidacy on Wednesday for the top post at the International Monetary Fund. Lagarde, 55, told reporters that if elected by the IMF’s board of executives, she will bring “expertise as a lawyer, a minister, a manager and a woman,” to the job. Several European countries have already backed Lagarde’s leadership bid, including Britain and Germany. Traditionally, the IMF’s leadership post has been reserved for a European, something that Brazil, Russia, China, India and South Africa, with their emerging economies, feel is wrong. In a joint statement, these five countries said the election of the next IMF chief should be merit-based and not biased in favour of a European. The leadership race began last week after former director Dominique Strauss-Kahn resigned amid accusations of rape. The next leader is expected to be named by the end of June.

CBC News

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