IMF in ageism row as Israel’s man loses out
BANK of Israel governor Stanley Fischer’s hopes of taking the vacant top job at the IMF have been dashed after it refused to change rules preventing anyone over 65 from running.
The move reinforces French finance minister Christine Lagarde’s claim to the International Monetary Fund position, with only Mexican central bank chief Agustin Carstens in her way.
Fischer (pictured), 67, yesterday expressed his disappointment, saying: “I think the age restriction, which was set in the past, is not relevant today.
“I was hoping the IMF board of directors would change its regulations, not only for the sake of my candidacy, but also for the sake of future candidates for the position of managing director.”
Sources say the IMF could easily have changed the rules if there was enough support for Fischer.
Lagarde is backed by Europe, which holds one-third of the votes, and a handful of other countries including Indonesia, whose finance minister Agus Martowardojo said he personally supports her candidacy. If she wins, Lagarde would become the first woman to head the IMF.
Carstens has the support of a dozen Latin American countries in a race which, despite being one of the most hotly contested in IMF history, is widely expected to result in Europe maintaining its 65-year grip on the job.
The Eurozone debt crisis makes a European far more likely to be handed the role, despite an earlier agreement the next candidate would be appointed solely on merit.