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Latino Daily News

Tuesday June 28, 2011

After U.S.‘s Last Minute Backing of France’s Lagarde for IMF Chief, Mexico Candidate Carstens Loses

After U.S.‘s Last Minute Backing of France’s Lagarde for IMF Chief, Mexico Candidate Carstens Loses

Photo: Mexico candidate for IMF Chief, Agustín Carstens

Click Here to Enlarge Photo

Though Mexico and others in Latin America had hoped Mexico’s Agustín Carstens would be appointed as the next International Monetary Fund (IMF) chief, the company’s Executive Board selected France’s Christine Lagarde to serve as Managing Director and Madame Chairman of the company, and released the following statement:

The Executive Board of the International Monetary Fund (IMF) today selected Christine Lagarde to serve as IMF Managing Director and Madame Chairman of the Executive Board for a five-year term starting on July 5, 2011. Ms. Lagarde, who succeeds Mr. Dominique Strauss-Kahn, is the first woman named to the top IMF post since the institution’s inception in 1944.

The selection of Ms. Lagarde by the 24-member Executive Board representing the IMF’s 187 member countries brings to conclusion the selection process initiated by the Executive Board on May 20, 2011. According to the agreed procedures, the Board had agreed to meet with Mr. Agustín Carstens and Ms. Lagarde for the post. The candidates met bilaterally with Executive Directors, as well as the Executive Board, during June 20-23, 2011. In these meetings, Mr. Carstens and Ms. Lagarde had the opportunity to present all relevant information concerning their specific candidacies.

ImageThe Executive Board agreed that both were well qualified candidates and the objective was to select one by consensus. Based on the candidate profile that had been established, the Executive Board, after considering all relevant information on the candidacies, proceeded to select Ms. Lagarde by consensus. The Executive Board looks forward to Ms. Lagarde effectively leading the International Monetary Fund as its next Managing Director.

The Managing Director is the chief of the IMF’s operating staff and Chairman of the Executive Board. The chief executive is assisted by three Deputy Managing Directors in the operation of the Fund, which serves 187 member countries through about 2,700 staff from more than 140 countries.

Upon the election of Largarde, Carstens, the Governor of Banco de México said, “I welcome the selection of Christine Lagarde as Managing Director for the IMF, and extend her my best wishes and full support. I am sure that Ms. Lagarde will be a very capable leader of the institution.

“At the same time, I hope that under Ms. Lagarde’s direction, the IMF will make meaningful progress in strengthening the governance of the institution, so as to assure its legitimacy, cohesiveness, and ultimately, its effectiveness.

“Lastly, I full-heartedly express my gratitude for all the support that my candidacy received from different corners of the world.”

Photo Credits: IMF's new Chief, Christine Lagarde of France