Jun 28, 2011
The U.S. government officially endorsed French Finance Minister Christine Lagarde to be the next chief of the International Monetary Fund today, just hours before a meeting of the fund's board.
Treasury Secretary Tim Geithner said in a statement, "Minister Lagarde's exceptional talent and broad experience will provide invaluable leadership for this indispensable institution at a critical time for the global economy. We are encouraged by the broad support she has secured among the Fund's membership, including from the emerging economies."
The decision seals Ms. Lagarde's appointment, as she now has explicit support from nations representing half of the IMF's votes.
Lagarde had virtually sealed the position already, having secured support from many European nations early on, and winning endorsements from key emerging countries such as Indonesia and Egypt, as well as several other Africa nations.
Her only serious competition, Mexican Central Bank chief Agustin Carstens, won endorsements from several emerging countries in Latin America. He won official support from 3 nations with board seats; Mexico, Canada, and Australia, which together represent 12% of the board.
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