French candidate Lagarde, China agree: IMF selection process must be open

by Colonel on June 9, 2011

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“Speaking after meetings with Chinese leaders in Beijing to press her candidacy for the post, Lagarde said selecting the first woman to head the Washington-based agency would help improve the institution’s commitment to diversity. China, India and Brazil are among emerging economies that have demanded an end to the six-decade-old custom where the top job at the IMF goes to a European, with an American taking the deputy position.

“The IMF does not belong to anybody, it belongs to the 187 members of the fund,” Lagarde told reporters today in Beijing. “Management of the fund does not belong to any particular” nation or region. The process should be open and “only based on the merits of the candidate.”

Lagarde is trying to turn attention away from her nationality by focusing on her track record as finance minister and running law firm Baker & McKenzie LLP, as well as her being a woman. The IMF post fell vacant when fellow French national Dominique Strauss-Kahn resigned last month after being charged with sexually assaulting a chamber maid in a New York hotel.”

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