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Bloomberg
Europe has identified five candidates to succeed Christine Lagarde as chief of the International Monetary Fund (IMF) as the lender set a September 6 deadline for applicants.
The contenders are Spanish Finance Minister Nadia Calvino, Portuguese Finance Minister Mario Centeno, former Dutch finance minister JeroenDijsselbloem, World Bank chief executive KristalinaGeorgieva of Bulgaria and Bank of Finland Governor Olli Rehn, according to a French finance ministry official. Bank of England Governor Mark Carney, an early frontrunner, wasn’t on the shortlist.
Lagarde resigned this month to lead the European Central Bank. A European traditionally runs the Washington-based IMF and the next leader will confront a world economy at its weakest since the aftermath of the financial crisis. Just this week the fund further reduced its global growth outlook, already the lowest since the crisis, to a projected 3.2 percent expansion this year.
Previously French finance minister before taking over at the IMF in 2011, Lagarde’s resignation is effective from September 12. The post she’s vacating has been held by a national of France more than any other country, and it’s France again leading the process of trying to build a consensus. The extra time might help — or perhaps give emerging markets an opening to come up with their won candidate.
The IMF said in a statementthat its application process opens on July 29 and closes on September 6. The Board intends to complete the process by October 4.
The Candidates
Calvino: Spain’s finance minister is a Socialist woman from Europe’s south, ticking a lot of boxes at a time when center-right politicians in the region have clinched major roles, while leadership positions in global economic policy remain dominated by men.
Centeno: The Portuguese finance minister and current
Eurogroup president is one of the euro-area’s most senior policy makers.
Dijsselbloem: The former Dutch finance minister and head of the Eurogroup, the euro area’s powerful team of finance chiefs, earned the respect of colleagues during the region’s crisis overseeing tough negotiations with Greece and establishing the zone’s banking union.
Georgieva: The Bulgarian CEO of the World Bank and former vice president of the European Commission is well qualified as a trained economist with prior leadership positions at international institutions.
Rehn: The Bank of Finland governor, previously an economy minister and European Union commissioner for economic and monetary affairs, has held several posts that make his resume a strong one.