Mark Carney had been a bookies’ favourite to take over from Christine Lagarde at the IMF. Photograph: Éric Piermont/AFP/Getty Images

Mark Carney fails to make the IMF top job shortlist

Aminy Andawi
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Jul 31, 2019
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Mark Carney has not made the final cut for the shortlist of European candidates to lead the International Monetary Fund which has been reduced to a handful of names. The Bank of England governor stands down as the fund’s managing director in September and will move to the European Central Bank, had been cited as a contender to take over Christine Lagarde’s place.

After a longstanding agreement, the head of the IMF will be chosen by Europe while the US picks the leader of the World Bank. The candidates' list of nominees is expected to be done by early September in favor of Lagarde’s replacement.

The former European commissioner, Georgieva is seen as France’s choice. The 65-year-old Georgieva can only succeed if the IMF meet the age limit where its managing directors are appointed before they turn 65.

Europe hopes to gather all the candidates before Lagarde’s official departure which will be the end of this summer on 12th September. Speeches and policy pronouncements have already ceased by the IMF as Lagarde will be the first woman to lead the European Central Bank. The next managing director will oversee a change in approach by the IMF which has been criticized for imposing cuts on governments as it faces financial crises.

However, Lagarde takes one last act as the head of IMF which to announce a shift in policy. She stated that the IMF would urge countries to protect spending on health and education as well as vulnerable groups amid which has grown concern among the members on excessive levels of inequality.

Source: https://www.theguardian.com/business/2019/jul/30/mark-carney-shortlist-imf-top-job-christine-lagarde

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