Monday 8 July 2019 7:03 pm

EU calls for European to replace Lagarde as IMF boss

Top EU officials have called for a European candidate to replace Christine Lagarde as head of the International Monetary Fund (IMF), with the Netherlands launching a bid to fill the post.

The IMF is seeking a replacement for Lagarde, who was nominated by EU leaders last week as the next president of the European Central Bank (ECB).

Read more: Amateur hour? The City reacts to the ECB’s newest president

“For Spain, and I think for all EU countries, the priority is that the director general will continue to be a European,” said Spanish finance minister Nadia Calvino.


French finance minister Bruno Le Maire also called for a European successor to Lagarde, and said the subject would be discussed informally by eurozone finance ministers.

Dutchman Jeroen Dijsselbloem, former president of the Eurogroup, has been slated as a potential candidate.

Asked about Dijsselbloem, who is the only Dutch name in contention, Dutch finance minister Wopke Hoekstra said: “The Netherlands has some excellent candidates.”

All 11 bosses in the IMF’s history have come from Europe, although emerging economies have previously raised concerns over this practice.

Read more: City economists warns Lagarde poses credibility risk as ECB chief

Outgoing Bank of England Mark Carney has also been named in media reports, although there are doubts over whether a British candidate would be welcomed, given the UK is currently set to leave the EU in October.

Despite the speculation, a decision is not expected soon, as the IMF has not yet launched its formal search for a new managing director. Lagarde will take up her role at the ECB in November.


Main image credit: Getty

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