Strauss-Kahn only IMF candidate so far

FE Team | Published: July 28, 2007 00:00:00 | Updated: February 01, 2018 00:00:00

WASHINGTON, July 27 (AFP): France's Dominique Strauss- Kahn, the European Union choice to head the International Monetary Fund, met with US Treasury Secretary Henry Paulson yesterday in Washington.
The IMF earlier said Strauss-Kahn, a Socialist party leader and former French finance minister, remains the only candidate declared to date to succeed Rodrigo Rato at the Washington-based institution.
The IMF is accepting nominations for managing director through August 31.
"Dominique Strauss-Kahn is a strong candidate and I look forward to continuing the dialogue with my counterparts at the fund as the selection process moves toward a conclusion this fall," Paulson said in a statement after their meeting.
Paulson said he discussed with Strauss-Kahn "the vital role" the IMF plays in global monetary cooperation and the importance of pursuing "bold reform to ensure its continued relevance in the global economy."
"It should follow through with fundamental reform of its quota structure, shifting significant weight to dynamic emerging markets," he said.
"It needs to conduct a bottom-up review of the alignment between its existing structure and the fund's role in today's global financial system."
The IMF executive board launched on July 12 its search for a successor to Rato, who announced in late June he was resigning in late October, nearly two years before his term ends.
Three Frenchmen have held the managing director's job for more than 30 of the IMF's 61 years, and a Frenchman also currently heads the World Trade Organisation, the European Central Bank and the European Bank for Reconstruction and Development.
The board said nominations would be accepted from any of the Fund's 185 members and the successful candidate would be chosen according to merit, without regard to nationality.
In an unwritten agreement, Europe selects the head of the IMF and the United States chooses the president of the World Bank.
Developing countries for years have protested against the tradition and called for open competitions for both posts.