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Mexico’s Agustin Carstens In the Running to Lead IMF

13 September, 2012

The Mexican central bank
governor,Agustin Carstens,is throwing his hat into the ring in a bid to
become the next leader of the International Monetary Fund (IMF) following the
recent scandal surrounding former leader Dominique Strauss-Kahn. Arguing that
the developing world needs to have stronger representation in the organization,
the Mexican Finance Ministry hopes Carstens can break the long-standing
European claim to the position.

His top competition for the role
includes French finance minister Christine Lagarde,which could put the U.S. in
an uncomfortable position if forced to choose between Mexico and Europe. So who
will be the successor? It’s important to consider the strong negotiating skills
of Mexico’s current president Felipe Calderon,leaving many to speculate that
regardless of who is chosen for the top spot,Mexico will come away with a
favorable outcome.

Europe has held the leadership
position at the IMF since the 1940s,but many experts today feel that someone
from Latin America,Africa or Asia would help Europe to make some necessary
changes to its economic policies. This outside perspective could prove useful,
as it would be unencumbered by fears surrounding the public and political
response to decisions that have to be made.

The IMF is planning a merit-based process for selecting the next
official,and there is little doubt that Carstens has the qualifications for
the job. He has served as deputy IMF managing director prior to joining
Calderon’s administration in 2006 and has headed the Mexican central bank since
January of 2010. “Carstens has the abilities and qualifications needed to lead
an institution of the relevance of the International Monetary Fund,” said
Mexico’s Finance Ministry in a recent statement to the press. In addition,
finance ministers in a number of other countries,including Australia and South
America have expressed support for the idea,citing the need for progressive
policies and a G-20 pledge made two years ago for an open selection process.

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