MADRID (Reuters) - A non-European head of the International Monetary Fund could mean a tougher, more realistic action plan for the euro zone debt crisis, Mexican central bank chief Agustin Carstens said in newspaper interviews on Tuesday.
Reuters - A non-European head of the International Monetary Fund could mean a tougher, more realistic action plan for the euro zone debt crisis, Mexican central bank chief Agustin Carstens said in newspaper interviews on Tuesday.
French Finance Minister Christine Lagarde, who has been on a whirlwind tour touting her credentials to head the International Monetary Fund, won the backing of Egypt, Indonesia and the UAE.In Cairo, Foreign Minister Nabil al-Arabi announced Egypt's support for Lagarde, who is running against Mexico's central bank chief Agustin Carstens and dark horse candidate Stanley Fischer, governor of the Bank of Israel.
Mexico's central bank chief Agustin Carstens pitched his bid to lead the International Monetary Fund on Tuesday to the IMF executive board, calling for increased resources.Carstens, the emerging-market candidate vying against European rival Christine Lagarde, told the board the 187-nation IMF needs more funds from its members."The IMF is not all it could be," Carstens told the 24-member board, which plans to choose between the two candidates by the end of June.
Mexican central banker Agustin Carstens, pressing his case for the top IMF job, said he sees a lack of European "credibility" in seeking one of their own to lead the world finance body."It is clear that for the moment, they (European nations) have not managed to get to a situation where they have full credibility," Carstens told AFP on Wednesday, during a visit to Brasilia, where he met officials on his candidacy to head the International Monetary Fund."So they need to make more efforts."
Spain said Tuesday it would support Mexico's Agustin Carstens for the post of IMF head under an agreement it has with Latin American countries -- although it would prefer France's Christine Lagarde.Spain shares a seat at the International Monetary Fund with Mexico, Venezuela and four smaller Central American nations, Finance Minister Elena Salgado said.As a result of the alliance, if one of the countries sharing the seat presents a candidate, the others must vote for that person, she said, even if Spain represents 35 percent of the votes among those countries.