Mexico to challenge Lagarde for IMF job

FRENCH finance minister Christine Lagarde’s candidacy for IMF chief is gaining momentum in Europe, while Mexico has put forward its own candidate, ensuring competition for the top job.

The Mexican finance ministry said it would nominate central bank chief Agustin Carstens, placing a prominent emerging market name into the race to lead the global lender.

The International Monetary Fund has promised a merit-based process to replace former leader Dominique Strauss-Kahn of France, who is under house arrest in New York on charges he attempted to rape a hotel maid.

Europeans have held the top IMF job since its creation in 1945 and Lagarde is widely considered the front-runner.