Who is the IMF looking for a new president to replace Lagarde?

category:Finance
 Who is the IMF looking for a new president to replace Lagarde?


For Spain, the most important thing is that the president is still Europeans, and I think all EU countries agree with that. Spanish Finance Minister Nadia Calvino explained. On the same day, euro zone finance ministers held a meeting, which was chaired by Portuguese finance minister and chairman of the euro group, Senteno, at a news conference, said that they discussed the above issues, but did not make a decision, because the IMF itself has not started the process of finding a new president.

Later, in a brief announcement, Lagarde said she was honored to be nominated and would temporarily relinquish her position as president of the IMF during the nomination period.

According to the plan, if Lagardes appointment is eventually approved by the European Parliament, November 1 will be her day to succeed Draghi as ECB president. By contrast, Lagardes second five-year term as IMF president should have expired in July 2021. At present, the IMF has accepted Lagardes decision to step down temporarily and appointed David Lipton, the first vice president of the IMF, as the acting president of the organization.

It is worth noting that Lagardes baton taker seems to have surfaced in the midst of overwhelming speculation. According to the betting website Betway, Carney, who will be the outgoing governor of the Bank of England in January next year, has a 7-2 odds. Despite the embarrassment of Britains imminent break-out, Carney was fortunately born in Canada and has British and Irish citizenship, which may help him to some extent.

Carney has a resume, experience and contacts and can be regarded as a safe hand. In the eyes of James Knightley, chief international economist of Dutch International Group, Carney seems to be a good candidate. After all, Mr. Carney deserves credit for leading the Bank of England through the aftermath of the 2016 de-Europe referendum.

IMFs Dilemma

Hu Dawei, deputy researcher of the Chinese Academy of International Studies, told Beijing Business Daily that the new IMF leaders must have certain diplomatic skills, management skills and leadership of large financial institutions such as the Central Bank. Regarding two popular candidates, Kani and Osborne, Hu Dawei believes that Osbornes strength lies in long-term financial management, stronger political and diplomatic activities, better technical skills as a central banker, and relatively more international contacts. But in the end, in addition to the conditions of the candidates themselves, there are also some exchange of interests behind them.

Former senior IMF economist Doyle argues that the IMFs successors should not be politicians or amateurs, because they need to deal with the chaos of issues from Argentina to Ukraine and all the euros. After all, in the past few years, Brazil, Mexico, Argentina, Venezuela... These debt-ridden countries have never given up testing the IMF.

Regarding the pattern, Hu Dawei said that the proportion of the whole West is declining. Although historical conditions have formed the present pattern, there will be controversy over the voting share and the selection of leaders. Therefore, the IMF is also carrying out reforms to adapt to the new situation of international political and economic development and resist the manipulation of big powers. u3002 Overall, the role of the IMF in global governance is very special. Beijing Business Daily reporter Tao Fengyang Yuehan/Wen CFP/Tu