Go Finance Reporting in WASHINGTON - French Finance Minister Christine Lagarde emerged as Europe's choice to head the IMF. With the rapid advancement of this Lagarde, prospective Turkish Kemal Dervis automatically be eliminated.
The IMF itself has been led by Europeans since 1946. Analysts said Lagarde big chance to replace Dominique Strauss-Kahn as IMF managing director, after Strauss-Kahn resigned to deal with cases of sexual violence in New York.
Lagarde practical could come as the EU candidate to replace Dominique Strauss-Kahn as IMF managing director. "He's the front runner at this stage, but the race has not started yet," said former IMF economist Michael Mussa, who is now at the Peterson Institute for International Economics as quoted by Reuters on Saturday (05/21/2011).
Meanwhile, Turkey is highly respected economist and also former head of the UN Development Program Kemal Dervis Lagarde ruled out his candidacy in advance of this. While Dervis has been widely accepted and regarded as a good candidate for developing countries and the European Union.
"I have not, and will not be a candidate. I am fully involved in, pleased with, and focused on my global work at the Brookings Institution and hope to continue my research and policy work, including work in Turkey," he said in a statement.
Appears economic strength of developing countries like China, India and Brazil are calling for an end to European dominance in a key position in the IMF. The IMF itself will choose a successor to Strauss-Kahn as new managing director of the IMF on June 30, 2011. (GoFinance)
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