EU mulls over non-European IMF head
The European Union is prepared to consider the possibility of a non-European heading the International Monetary Fund after the next managing director completes his term.
By Agencies |
PORTO: The European Union is prepared to consider the possibility of a non-European heading the International Monetary
Fund after the next managing director completes his term, Portuguese Finance Minister Fernando Teixeira dos Santos said Saturday.
Europe and the United States have traditionally divided the top jobs at the IMF and the World Bank, with the EU picking the head of the IMF and the U.S. choosing who should lead the World Bank.
However, several large developing countries have complained about the system as they seek a greater voice in how the two financial institutions are run.
British Finance Minister Alistair Darling has also said it is time for the system to change and both posts should be open to candidates from other parts of the world.
The EU has put forward former French Finance Minister Dominique Strauss-Kahn to replace current IMF Managing Director Rodrigo de Rato for a five-year term, but dos Santos said that the EU could open up the selection procedure after that.
The EU is likely to insist that any concessions it makes are matched by the United States in its hold over the World Bank job.
Fund after the next managing director completes his term, Portuguese Finance Minister Fernando Teixeira dos Santos said Saturday.
Europe and the United States have traditionally divided the top jobs at the IMF and the World Bank, with the EU picking the head of the IMF and the U.S. choosing who should lead the World Bank.
However, several large developing countries have complained about the system as they seek a greater voice in how the two financial institutions are run.
British Finance Minister Alistair Darling has also said it is time for the system to change and both posts should be open to candidates from other parts of the world.
The EU has put forward former French Finance Minister Dominique Strauss-Kahn to replace current IMF Managing Director Rodrigo de Rato for a five-year term, but dos Santos said that the EU could open up the selection procedure after that.
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``We are willing to discuss, after the mandate of the next managing director, who we expect to be a European, a different procedure that could deliver a different outcome,'' Dos Santos told reporters after hosting a meeting of finance ministers from the 27-member EU.The EU is likely to insist that any concessions it makes are matched by the United States in its hold over the World Bank job.
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