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Carstens: IMF head should not be European

06-14-2011 14:22 BJT Special Report:IMF Chief Arrested for Sexual Assault |

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Mexican candidate, Central Bank Governor Agustin Carstens, says the next IMF chief should not be European, as some EU countries have borrowed too much money from the fund. He also points out, despite being the underdog to French Finance Minister Christine Lagarde, he can bring a fresh set of eyes to the debt crisis in Europe.

Speaking at the Peterson Institute for International Economics, the Mexican Central Bank Governor says chances are quite high that Christine Lagarde would get the job, because of a 65-year-old tradition at the IMF.

Carstens said, "It's very difficult to break a tradition of 65 years, and it's very difficult to break it at a particular point in time where not a major player of this game which is Europe feels the need of this feeling that they have some control on the fund."

Carstens notes, Lagarde would be a good managing director. But he also points out it would have been better if she is selected or elected on a more transparent process, instead of Europe declaring its support before she even formally announced her candidacy.

Carstens is positioning himself as someone from outside Europe. And that, he says, is an advantage.

"I think in the case of Europe, what will help me is precisely to have a fresh pair of eyes. I have not been part of the process, the process of this crisis started not just a few months ago but a few years ago. And I think also someone coming from the outside can in a way speak of their mind more frankly and I think that will be an advantage," said Carstens.

Currently, there are three candidates contending for the top job at the global lender. Although Lagarde has gained support from the U.S. and EU, she is campaigning for the backing of developing economies. However, most emerging economies remain on the fence about their intentions so far.

Editor:Shi Jierui |Source: CNTV.CN

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