Lagarde look set to continue as IMF MD

11 Feb 16

Nominations for the next managing director of the International Monetary Fund have closed with only one suggested candidate – current managing director Christine Lagarde.

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Christine Lagarde. Credit: IMF Staff Photo/Stephen Jaffe

Christine Lagarde. Credit: IMF Staff Photo/Stephen Jaffe

 

Lagarde, whose first term comes to an end on July 5, is set to hold the position for another five years after being the only name put forward in the entire three-week nomination period.

Aleksei Mozhin, dean of the IMF’s executive board, announced the news today after nominations, which opened on 21 January, came to a close on Wednesday.

He said the board “will now work in line with the process described on 20 January” – which includes meetings between the candidate and the executive board.

Normally, the board would then meet to discuss the strengths of the candidates and make a selection, ideally by consensus but by a majority vote if necessary. But with only one candidate to consider it looks as though there will be little dispute.

Nevertheless, Mozhin noted that “the board’s goal is to complete the selection process as soon as possible”.

Nominations backing Lagarde for a second term started coming in as soon as the nomination process opened three weeks ago, including from UK chancellor George Osborne.

“At a time when the world faces what I’ve called a dangerous cocktail of risks, I believe Christine has the vision, energy and acumen to help steer the global economy through the years ahead,” he said at the time.

Nominations can come from a fund governor or executive director, and must be for an individual that can demonstrate a distinguished track record in economic policymaking as well as the managerial and diplomatic skills needed to lead a global institution.

Lagarde’s reputation has apparently not been harmed by accusations of “negligence by a person in a position of public authority” relating to her time as French finance minister under Nicolas Sarkozy. It was announced in December that Lagarde will face trial in France over the allegations.

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