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International Monetary Fund Managing Director 2011 election The selection process for the new Managing Director of the IMF in 2011 presents characteristics that have never been seen. The balance of power that held the unwritten rule that assigned the leading position of the IMF to a European seems to be changing as the developing nations acquire more weight. [1] In particular the BRIC nations, together with South Africa and Mexico, have expressed their strong opposition to assign the Managing Director position based on geographical characteristics as opposed to a merit-based approach.
The two openly announced formal candidates were Agustín Carstens, Mexico´s Central Bank Governor, and Christine Lagarde, France´s Minister of Finance. The statements and resumes of the candidates present their personal backgrounds and their perspectives on the role of the IMF. [2] [3] The election was won by Christine Lagarde. [4]
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate stability. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world."
Marek Marian Belka is a Polish professor of economics and politician who has served as Prime Minister of Poland and Finance Minister of Poland in two governments. He is a former director of the International Monetary Fund's (IMF) European Department and former Head of Narodowy Bank Polski. He has served as a Member of the European Parliament (MEP) since July 2019.
Olli Ilmari Rehn is a Finnish public official who has been serving as governor of the Bank of Finland since 2018. A member of the Centre Party, he previously served as the European Commissioner for Enlargement from 2004 to 2010, European Commissioner for Economic and Monetary Affairs and the Euro from 2010 to 2014, and Minister of Economic Affairs in Juha Sipilä's cabinet from 2015 until 2016. Rehn ran for President of Finland as an independent candidate in 2024, but was not elected.
Dominique Gaston André Strauss-Kahn, also known as DSK, is a French economist and politician who served as the tenth managing director of the International Monetary Fund (IMF), and was a member of the French Socialist Party. He attained notoriety due to his involvement in several sex scandals.
Agustín Guillermo Carstens Carstens is a Mexican economist who has served as the general manager of the Bank for International Settlements since 1 December 2017. He served as governor of the Bank of Mexico from 1 January 2010 to 30 November 2017. In 2011, Carstens, along with Christine Lagarde, was one of the two final candidates to become the managing director of the International Monetary Fund. He previously served as secretary of finance in the cabinet of Felipe Calderón (2006–09), as deputy managing director of the International Monetary Fund (2003–06) and as treasurer of the Bank of Mexico. In 2011 he was included in the 50 Most Influential ranking of Bloomberg Markets Magazine. Carstens took up his appointment as the general manager at the Bank for International Settlements in Basel, Switzerland, where he was appointed to a five-year term, starting on 1 December 2017.
Since 2004, Forbes, an American business magazine, has published an annual list of its ranking of the 100 most powerful women in the world. Edited by prominent Forbes journalists, including Moira Forbes, the list is compiled using various criteria such as visibility and economic impact. In 2023, the gauge was "money, media, impact and spheres of influence". The top 10 per year are listed below.
François Claude Pierre René Baroin is a French politician and lawyer who served as Finance Minister from 2011 to 2012, following a stint as Budget Minister in the government of Prime Minister François Fillon. A member of The Republicans (LR), he was a long-time ally of Jacques Chirac and has been Mayor of Troyes in Champagne since 1995.
Christine Madeleine Odette Lagarde is a French politician and lawyer who has been the President of the European Central Bank since 2019. She previously served as the 11th Managing Director of the International Monetary Fund (IMF) from 2011 to 2019. Lagarde had also served in the Government of France, most prominently as Minister of the Economy, Finance and Industry from 2007 until 2011. She is the first woman to hold each of those posts.
Jihad Azour is a Lebanese economist and politician who served as Lebanon's minister of finance under Fouad Saniora's government from 2005 to 2008. He was a candidate for the 2022–2025 Lebanese presidential election. Jihad Azour is a Chevalier dans l’Ordre National de la Légion d'honneur. Azour is an academic writer, speaker and teacher.
Gertrude Tumpel-Gugerell is an Austrian economist who served as a member of the Executive Board of the European Central Bank from 2003 to 2011. She previously served as vice-governor of the Oesterreichische Nationalbank from 1998 to 2003. She has been a member of the Council of the University of Leoben.
Kristalina Ivanova Georgieva-Kinova is a Bulgarian economist serving as the 12th managing director of the International Monetary Fund since 2019, and the first person from an emerging market economy to lead the institution. Born in Sofia, her university education was at London School of Economics (LSE), followed by a return to her native Bulgaria where she witnessed some of the economic hardships of the post-Communist transition. She began her career by teaching economics, becoming a prominent figure in the field.
The People of the State of New York v. Strauss-Kahn was a criminal case relating to allegations of sexual assault and attempted rape made by a hotel maid, Nafissatou Diallo, against Dominique Strauss-Kahn at the Sofitel New York Hotel on 14 May 2011. On 19 May 2011, Strauss-Kahn was indicted by a grand jury; after posting $1 million bail and pleading not guilty, he was placed under house arrest.
Harris Georgiades is a Greek Cypriot economist and politician. He was pivotal in the successful implementation of the economic reform plan for Cyprus and its successful conclusion in 2016.
Reza Moghadam is a British-Iranian economist who has been Vice-Chairman for Global Capital Markets at Morgan Stanley since October 2014. Until July 2014, he was the International Monetary Fund’s front man for dealing with European policy makers and institutions during the eurozone crisis. During his twenty-year career at the IMF he dealt first-hand with many crises—in emerging markets, in the advanced countries of the Eurozone and with the Fund’s own restructuring.
The Conference of Montreal is an annual economic event organized by the International Economic Forum of the Americas (IEFA) since 1995.
Rodrigo Osvaldo Valdés Pulido is a Chilean economist and politician who served as minister of finance from May 11, 2015 to August 31, 2017 under president Michelle Bachelet.
Nancy Asiko Onyango, commonly known as Nancy Onyango, is a Kenyan accountant, businesswoman and corporate executive, who is the Director of the Office of Internal Audit and Inspection at the International Monetary Fund. She was appointed on 4 December 2017, with the appointment to take effect on 1 February 2018. Before her appointment, she served as the CEO of Reliance Risk Advisory Solutions, a Nairobi-based consultancy firm.
Greece is one of the original members of the International Monetary Fund, joining it on 27 December 1945. It has a quota of 2,428.90 million SDRs and 25,754 votes, 0.51% of the total IMF quota and votes. Greece has been represented on the IMF Board of Governors by Minister of Finance Christos Staikouras since 2019. Greece elects an Executive Director on the fund's Executive Board with Albania, Italy, Malta, Portugal and San Marino. Michail Psalidopoulos is the elected alternate director. Greece has signed two loan agreements with the IMF: a Stand-By Arrangement from 2010 to 2012 and an agreement under the Extended Fund Facility from 2012 to 2016, borrowing a total of 27,766.3 million SDR. Greece owes the IMF 6,735.64 million SDR, and is the fund's third-largest borrower. In 2018, the fund began conducting annual post-program monitoring of Greece in addition to its annual Article IV consultation.