At the beginning of August, European Finance Ministers appointed Bulgarian Kristalina Georgieva, the current Managing Director of the World Bank, as the candidate of the EU countries to succeed Christine Lagarde of France, on her way to the ECB, at the head of the IMF on 12 September (see EUROPE 12309/4).
Ms Georgieva was ultimately preferred over former Eurogroup president Jeroen Dijsselbloem of the Netherlands, following a final vote to decide between them. “She has the skills, experience and international credibility to replace Christine Lagarde and lead the IMF successfully”, the French Ministry of Finance said in a statement.
The French Minister of Finance, Bruno Le Maire, was in charge of leading the discussions between Europeans.
However, the vote is controversial. Ms Georgieva would not have obtained the double qualified majority (50% of Member States representing 65% of the population) required by the EU Council to be appointed, the Financial Times reported. The United Kingdom, which had considered the possibility of presenting a candidate, eventually abstained. British Prime Minister Boris Johnson is reportedly tempted to seek US support for a possible candidacy by former Chancellor of the Exchequer George Osborne on the sidelines of the G7 summit in Biarritz, the British press reported on Wednesday 21 August.
Previously, the Spanish Finance Minister, Nadia Calviño, the current President of the Eurogroup, Mário Centeno, and the Governor of the Finnish Central Bank, Olli Rehn, had gradually withdrawn their candidatures.
According to an unwritten rule, Europeans, who hold more than 30% of the votes in the IMF, choose the director of the IMF, while the United States appoints the director of the World Bank.
With this appointment, Europeans aim to promote the access of a woman from an Eastern European country to high international positions. But, having turned 66 in August, the former European Commissioner for the Budget has reached the age limit, set at 65 years in the statutes of the international financial organisation.
If Ms Georgieva is selected by the IMF Executive Board, these Articles of Agreement will have to be amended to allow her formal access to the position. However, such a situation could also lead to applications from emerging countries. (Original version in French by Mathieu Bion)