Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

EU works for European candidate at IMF: senior official

Economy Jul 08, 2019 03:44PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. FILE PHOTO: COP24 UN Climate Change Conference 2018 in Katowice

By Francesco Guarascio

BRUSSELS (Reuters) - The European Union wants a European to replace Christine Lagarde at the helm of the International Monetary Fund, top EU officials said on Monday, continuing the tradition of the continent holding the role.

The fund will need to replace Lagarde after she was nominated last week by EU leaders as the next president of the European Central Bank, a job that will start in November.

Names informally cited by officials are those of the former head of the Eurogroup, Dutchman Jeroen Dijsselbloem, Finland's former prime minister Alexander Stubb, and the current chief executive of the World Bank, Bulgaria's Kristalina Georgieva.

The issue was discussed by euro zone finance ministers at a meeting on Monday, the chair of the meeting Mario Centeno told a news conference, but no decision was taken as the IMF itself has not yet opened the procedure to find a new managing director.

"For Spain, and I think for all EU countries, the priority is that the director general will continue to be a European," Spanish Finance Minister Nadia Calvino said on Monday.

French Finance Minister Bruno Le Maire urged EU states to find a common candidate as soon as possible.

The head of the Washington-based IMF, whose members include most of the countries in the world, has always been a European, although in the past, large and emerging economies have challenged that practice.

The United States, despite being the IMF's largest financial backer, does not usually field a candidate because, under an informal deal with European partners, it gets the head of the World Bank - the IMF's sister organization in the Bretton Woods system forged after World War Two.


An EU official said some EU countries wanted a candidate from an EU member state, an option that could rule out British candidates, as Britain is due to leave the EU at the end of October.

Bank of England governor Mark Carney has been mentioned in media reports as one of Europe's possible candidates.

Though born and raised in Canada, Carney, also a former governor of the Bank of Canada, holds British and Irish passports in addition to his Canadian citizenship.

When asked about Dijsselbloem as a possibility, Dutch Finance Minister Wopke Hoekstra said: "The Netherlands has some excellent candidates." An official said Dijsselbloem was the only Dutch name in contention.

Two EU officials said Georgieva was a name being discussed by ministers.

She had been considered for an EU top job in last week's round of nominations that followed EU elections in May. But eventually she was not chosen by EU leaders for any post, leaving eastern European countries with no top position in the EU.

EU officials said the work to find a common European candidate was being led by Centeno and by Finland, which currently holds the EU's rotating presidency.

EU works for European candidate at IMF: senior official

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email