Washington. .- The International Monetary Fund (IMF) said Wednesday that next Monday will start a process "open and transparent merit-based" ending on 30 June with the election of new managing director of the institution, following the resignation of Dominique Strauss Kahn. The promise of transparency puts an end to the secrecy that has surrounded the designation of the agency, headed by a European since its inception in 1945, under a gentlemen's agreement that grants the President of the World Bank (WB) to an American.
But the increasing weight of emerging global has put into question the privilege. The developing world now requires changing a system that considers outdated. The nomination period for submission of nominations will continue until June 10. Candidates should have a "distinguished record in economic policy management at the highest level," said today the IMF Executive Board, composed of 24 members representing 187 countries of the institution.
Upon receipt of nominations, the Executive Committee shall publish a list of three candidates. If the number of candidates nominated is greater than three, the IMF kept "secret" names until you have shortlisted three candidates chosen, taking into account the candidate's merits and without coming into play "geographical preferences." Executive Council members will interview candidates for the leadership of the IMF in Washington and elect one of them after weighing "their strengths." Although the executive may refer the decision to vote, the idea is chosen by consensus.
Dominique Strauss-Kahn resigned from his position as head of the IMF early Thursday with "infinite sadness" amid a sex scandal that threatens to ruin his successful career. French Socialist, who appeared as a favorite for the presidential elections in his country next year, was formally charged Thursday with seven counts, including attempted rape, in a hearing in which he was released on bail of one million dollars.
The U.S. Treasury secretary. UU., Timothy Geithner, said Monday that Washington made "extensive consultations" with both emerging shareholders of the Fund as the advanced economies to replace Strauss-Kahn. The European Union has expressed its intention to elect a consensus candidate. All indications point to the French Finance Minister Christine Lagarde, who has endorsements such as German Chancellor Angela Merkel, President of Eurogroup Jean-Claude Juncker and Italian Prime Minister Silvio Berlusconi.
From Paris, the secretary general of the Organization for Economic Cooperation and Development (OECD), Mexico's Angel Gurria, said on Friday that "the time" that a non-European managing director is at the head of the IMF. Former Turkish Finance Minister Kemal Dervis, a name that appeared on the betting favorite, said today in a statement it will not compete for the job.
Who if you intend to enter the fray is Grigori Marchenko, Governor of National Bank of Kazakhstan, who was backed on Thursday as a candidate to lead IMF managing Russia and the other ten members of the post-Soviet Commonwealth of Independent States (CIS). "If the big developing countries may present a single candidate and not necessarily must be me, then that person will have many opportunities to win," Marchenko said Tuesday, quoted by Russian news agencies.
For its part, Chile today became the first country in Latin America confirm that studies the possibility of presenting a candidate. The opposition Christian Democrats raised the Chilean Government today formally postulating the former Foreign Minister Alejandro Foxley to the post of IMF managing director, a proposal to be considered with "very willing" as Finance Minister, Felipe Larraín.
Although 187 countries are represented in the body, the heavyweights are EE. UU. and the European Union, which control more than 50 percent of the voting power. The selection of a new leader needs a simple majority, with the tacit agreement of EE. UU. and Europe guaranteed the nomination of a candidate. 
But the increasing weight of emerging global has put into question the privilege. The developing world now requires changing a system that considers outdated. The nomination period for submission of nominations will continue until June 10. Candidates should have a "distinguished record in economic policy management at the highest level," said today the IMF Executive Board, composed of 24 members representing 187 countries of the institution.
Upon receipt of nominations, the Executive Committee shall publish a list of three candidates. If the number of candidates nominated is greater than three, the IMF kept "secret" names until you have shortlisted three candidates chosen, taking into account the candidate's merits and without coming into play "geographical preferences." Executive Council members will interview candidates for the leadership of the IMF in Washington and elect one of them after weighing "their strengths." Although the executive may refer the decision to vote, the idea is chosen by consensus.
Dominique Strauss-Kahn resigned from his position as head of the IMF early Thursday with "infinite sadness" amid a sex scandal that threatens to ruin his successful career. French Socialist, who appeared as a favorite for the presidential elections in his country next year, was formally charged Thursday with seven counts, including attempted rape, in a hearing in which he was released on bail of one million dollars.
The U.S. Treasury secretary. UU., Timothy Geithner, said Monday that Washington made "extensive consultations" with both emerging shareholders of the Fund as the advanced economies to replace Strauss-Kahn. The European Union has expressed its intention to elect a consensus candidate. All indications point to the French Finance Minister Christine Lagarde, who has endorsements such as German Chancellor Angela Merkel, President of Eurogroup Jean-Claude Juncker and Italian Prime Minister Silvio Berlusconi.
From Paris, the secretary general of the Organization for Economic Cooperation and Development (OECD), Mexico's Angel Gurria, said on Friday that "the time" that a non-European managing director is at the head of the IMF. Former Turkish Finance Minister Kemal Dervis, a name that appeared on the betting favorite, said today in a statement it will not compete for the job.
Who if you intend to enter the fray is Grigori Marchenko, Governor of National Bank of Kazakhstan, who was backed on Thursday as a candidate to lead IMF managing Russia and the other ten members of the post-Soviet Commonwealth of Independent States (CIS). "If the big developing countries may present a single candidate and not necessarily must be me, then that person will have many opportunities to win," Marchenko said Tuesday, quoted by Russian news agencies.
For its part, Chile today became the first country in Latin America confirm that studies the possibility of presenting a candidate. The opposition Christian Democrats raised the Chilean Government today formally postulating the former Foreign Minister Alejandro Foxley to the post of IMF managing director, a proposal to be considered with "very willing" as Finance Minister, Felipe Larraín.
Although 187 countries are represented in the body, the heavyweights are EE. UU. and the European Union, which control more than 50 percent of the voting power. The selection of a new leader needs a simple majority, with the tacit agreement of EE. UU. and Europe guaranteed the nomination of a candidate.
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