BRICS criticize EU over IMF top job

Brazil, Russia, India, China and South Africa have criticized EU officials for suggesting the next International Monetary Fund (IMF) head should be a European.

Izvor: Tanjug

Wednesday, 25.05.2011.

15:16

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Brazil, Russia, India, China and South Africa have criticized EU officials for suggesting the next International Monetary Fund (IMF) head should be a European. IMF directors for China, Brazil, India, South Africa and Russia criticized European officials in a joint statement for implying that the successor to former IMF head Dominique Strauss-Kahn should continue to be a European. BRICS criticize EU over IMF top job They urged "abandoning the obsolete unwritten convention that requires that the head of the IMF be necessarily from Europe" and argued that it “undermined the legitimacy of the fund”. Just several days after Strauss-Kahn’s resignation, which followed after he had been arrested in New York for attempted rape of a hotel maid, European officials have named France’s Finance Minister Christine Lagarde as an ideal candidate for the job. German, British and Dutch foreign ministers and New Zealand’s Prime Minister John Key have backed Lagard. French government’s spokesperson said Tuesday that China was prepared to support Lagard as well but official Beijing had no comment. There are no official nominations yet, but Mexico's Finance Ministry has said it will nominate the country's central bank chief, Agustin Carstens, to head the IMF. “We are concerned about recent public statements of high European officials that a European should remain the general director,” said BRICS countries finance ministers, adding that the economic crisis in the U.S. and Europe in 2008 and 2009 had showed that it was necessary to reform institutions such as the IMF. The IMF headquarters (Tanjug)

BRICS criticize EU over IMF top job

They urged "abandoning the obsolete unwritten convention that requires that the head of the IMF be necessarily from Europe" and argued that it “undermined the legitimacy of the fund”.

Just several days after Strauss-Kahn’s resignation, which followed after he had been arrested in New York for attempted rape of a hotel maid, European officials have named France’s Finance Minister Christine Lagarde as an ideal candidate for the job.

German, British and Dutch foreign ministers and New Zealand’s Prime Minister John Key have backed Lagard. French government’s spokesperson said Tuesday that China was prepared to support Lagard as well but official Beijing had no comment.

There are no official nominations yet, but Mexico's Finance Ministry has said it will nominate the country's central bank chief, Agustin Carstens, to head the IMF.

“We are concerned about recent public statements of high European officials that a European should remain the general director,” said BRICS countries finance ministers, adding that the economic crisis in the U.S. and Europe in 2008 and 2009 had showed that it was necessary to reform institutions such as the IMF.

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