IMF: Lagarde still considered shoo-in despite Israel’s Fischer
- 13 June 2011
The news emerged over the weekend as Bloomberg reports here.
Even Fischer himself may be playing down his chances as this quote shows. "After much deliberation, I have decided to pursue it, despite the fact that it is a complicated process and despite the possible obstacles," he said.
Fischer has huge experience, having held the post of deputy MD at the IMF. He is also credited with bringing a huge amount of economic stability to Israel.
He has suggested that a lack of an economics background should stand in the way of Lagarde as reported in the Guardian.
Fischer holds both US and Israeli citizenship but is not thought to appeal to the developing world.
Agustin Carstens, the Mexican candidate, hopes he can appeal to those developing world voters but with America and Europe dominating the voting in terms of share, he has never been regarded as a front runner.
And while he has secured the backing of the many Latin American countries he is not yet backed by Brazil – his home region's largest economy.
Fischer would also require the IMF to amend regulations which state that no-one over the age of 65 can apply for the role. He is 67 while the other two candidates are in their fifties.
Lagarde has continued to collect backers in the last few days as this report from website Arab News shows including the economically significant Indonesia.
She is in Brazil today seeking their backing with that country suggesting that qualifications not geography should dictate who gets the post as reported here on Financial News USA .
- What Tesco's record-breaking loss means for investors
- First rate rise expected in early 2016, say experts
- Tesco posts worst loss of any UK retailer on record
- The number of people switching bank account rises 7% with Halifax and Santander the main beneficiaries
- Forget freedom, retirees could be 'nudged' into turning pension into income
- Is value still to be found in Europe?
- HSBC could leave UK, but resurrect Midland Bank before it goes
- Young people expect to retire with £95k in pension, but haven't started saving
- Strict mortgage checks encouraging borrowers to 'play' the system
- Merrill Lynch fined £13.3m for reporting failures