U.S. wants "open" IMF succession - Democratic Underground

xchrom

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Thu May-19-11 11:06 AM
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U.S. wants "open" IMF succession

http://www.reuters.com/article/2011/05/19/us-strausskahn-usa-idUSTRE74I52B20110519

(Reuters) - Treasury Secretary Timothy Geithner on Thursday called for an "open process" for the selection of a new head for the International Monetary Fund, although sources said Washington would back a European.

"We want to see an open process that leads to a prompt succession for the Fund's new managing director," Geithner said in a brief statement.

Under a long-standing agreement between the United States and Europe, the head of the institution has always gone to a European, while an American has headed its sister organization, the World Bank.

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Eddie Haskell

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Thu May-19-11 11:14 AM
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1. IMF leadership battle begins as chief resigns

http://news.yahoo.com/s/afp/20110519/bs_afp/imfuscrimefrancesuccession_20110519142943

Yes indeed, an open process is good.

But negotiations will play a major part, concluded Mohammed El-Erian, the chief executive of investment giant Pimco, who has also been mentioned as a candidate for the post.

"Judging from the dynamics already in play, (the selection) will again be undermined by an outmoded and harmful process, that places national prestige above the multilateralism that the IMF stands for," he said in a recent article.

"This feudal selection approach must be changed; and now is the time to do it."

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