Lagarde to run for 2nd IMF term

Lagarde to run for 2nd IMF term

Lagarde to run for 2nd IMF term

Christine Lagarde announced on Friday that she will run for a second term for the presidentship of the International Monetary Fund (IMF), after winning strong backing from across Europe.

“Yes, I am running for a second mandate,” the former French finance minister confirmed in an interview with France 2 television.

“I’ve had the honour of receiving support since the opening of the procedure,” she said, pointing in particular to endorsements from France, Britain, Germany and China.

British finance minister George Osborne on Thursday tweeted that he was “delighted to nominate” her for a new term.

He described the 60-year-old as “ an outstanding leader with (the) vision and acumen to steer (the) global economy in years ahead.”

The German finance ministry said Lagarde had proven to be a “far-sighted and successful crisis manager in difficult times.”

US Treasury Secretary Jacob Lew refrained from a formal endorsement, but expressed strong approval of her performance.

“I think she has done a great job,”  he said at the World Economic Forum in Davos.
Lagarde noted that the United States customarily waits until the end of the election process before backing a candidate, but pointed to recent expressions of support from Washington.

“The words of the US Vice President (Joe Biden) the other day in his public intervention were very glowing — almost embarrassing — and the treasury secretary has said he hopes to enjoy working with me,” she told France 2.

“I think it is difficult for the United States to do much more this stage.”
With her term coming to an end in July, the IMF formally began accepting nominations yesterday for who will guide the global crisis lender for the next five years. After leading the IMF through one of its most difficult challenges — the rescue of the eurozone from meltdown and in particular Greece’s debt crisis — Lagarde has garnered deep respect in the global financial community.

Lagarde can count two recent personal successes as head of the Washington-based institution.

She was deeply involved in the decision to add the Chinese yuan to the IMF’s basket of reserve currencies, a highly symbolic move appreciated by Beijing as it seeks greater recognition for the world’s second-largest economy.

She can also cheer the passage by the US Congress of long-stalled IMF reforms that will double the Fund's financial resources and, above all, give more power to the major emerging-market countries.