Gabriel Rozenberg, Economics Reporter
Grab an Italian masterpiece for less
Britain has finally thrown its weight behind France’s candidate for the leadership of the International Monetary Fund after calling repeatedly for the nomination process to be more open.
Alistair Darling, the Chancellor of the Exchequer, said that the UK would support Dominique Strauss-Kahn, the former French Finance Minister, as managing director of the world body.
Although Portugal, which holds the European Union presidency, has said that the EU’s 27 finance ministers had agreed to nominate France’s candidate, the Treasury had, until now, kept its distance.
Instead, Britain has challenged Europe’s right to select the leader of the IMF. The post has gone to a European ever since the body was set up after the Second World War, while the head of the World Bank has always been an American.
In July, Mr Darling said: “I don’t think Europe can simply say: ‘That position is ours and we are not prepared to discuss it with anyone else.’ ” A Treasury spokesman said last night that Britain had struck a deal with France to allow greater transparency in the nominating process next time around.
He said: “The UK supports an open and transparent process for selecting the managing director of the IMF, regardless of nationality.
“We have welcomed the process that the IMF board put in place to select the next managing director and strongly believe this should be a template for all future senior appointments at the international financial institutions. Such appointments should be open to candidates from all regions of the world.”
Mr Darling said: “Dominique Strauss-Kahn has extensive experience in international financial issues. I welcome his commitment to engage with the whole membership of the Fund to promote global financial stability and economic development, and to tackle the reform challenges faced by the Fund.”
Mr Strauss-Kahn’s appointment is now seen as a certainty. The only other candidate for the job is Josef Tosovsky, the former Czech prime minister, who was endorsed unexpectedly by Russia last month.
Yet even the Czech Republic, whose central bank was also at one stage headed by Mr Tosovsky, has endorsed Mr Strauss-Khan.
Rodrigo de Rato, the IMF’s managing director, announced in June that he planned to leave Washington for personal reasons. He will continue in his job until after the Fund’s annual meetings, which are to be held in the middle of next month.
Articles from our sister site WSJ.com:
You may be asked to subscribe to read certain articles
Industry sectors news at a glance. Interactive heatmap, video and podcast
Everything the Business Traveller needs to know to make a better trip
Get ready for the winter sports season, with our resort guides and snow reports
We are backing British business, what is the confidence of the nation and what businesses are succeeding?
Growing demand for energy, oil that is harder to reach and the rise of carbon dioxide emissions. We examine the energy challenge
With rail travel in Europe on the rise, we review the benefits of travelling by train
Enjoy further reading from Travel to Fashion, Business to Sport, discover more
Shortcuts to help you find sections and articles
1998
£47,955
12 months for the price of 11 and a 5% discount.
Offer ends 31/11/09
Check your free Experian credit report before applying
Car Insurance
to £60K + bonus (OTE £90k)
Lord Search & Selection
Location Flexible
PwC’s Consulting practice helps businesses of all shapes
and sizes work smarter and grow faster.
£85k
CPA
Highly Competitve
Specsavers
Whiteley, near Southampton
Moments from Battersea Park.
For sale with Winkworth
Find out about shared ownership.
See your free Experian credit report beforehand
Book now & save over £100pp.
11 cool resorts, lowest prices... Early Booking offers 15 Nov.
20% off selected Azores holidays taken in October with Sunvil Discovery
Get covered on your travels with a superb range of policies at great prices. Visit InsureandGo.com
World Class Golf, Spa and preferential Beach Club. Private estate overlooking West Coast
Villas from £275 per night inclusive of Golf
Contact our advertising team for advertising and sponsorship in Times Online, The Times and The Sunday Times, or place your advertisement.
Times Online Services: Dating | Jobs | Property Search | Used Cars | Holidays | Births, Marriages, Deaths | Subscriptions | E-paper
News International associated websites: Globrix Property Search | Milkround
Copyright 2009 Times Newspapers Ltd.
This service is provided on Times Newspapers' standard Terms and Conditions. Please read our Privacy Policy.To inquire about a licence to reproduce material from Times Online, The Times or The Sunday Times, click here.This website is published by a member of the News International Group. News International Limited, 1 Virginia St, London E98 1XY, is the holding company for the News International group and is registered in England No 81701. VAT number GB 243 8054 69.