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Carstens launches rival IMF boss bid

Tuesday 24 May 2011 - by Andrew Hickley

Mexico's central bank governor has vowed to "take the battle to the Europeans" as he fights to become the new managing director of the International Monetary Fund.

Becoming the first candidate to officially throw his hat into the ring, Agustin Carstens yesterday called for emerging market governments to "achieve unity" by backing him as a candidate, speaking to local radio yesterday.

His address follows a 2,200 page letter submission to the IMF executive board outlining his case to become the organisation's new chief.

In the letter, publicly released yesterday, the 52-year-old also hit out at the view that Europe should head up the international lender, simply because its economy is currently struggling.

"We know where the current crises and urgent matters are today - Europe, the Middle East, and North Africa - but we do not know with certainty where the next ones will erupt," Carstens argues.


"Therefore we need a managing director who can best serve all of the member countries, not merely those experiencing challenges at one particular point in time."

A former Mexican finance minister, Carstens' case could be bolstered from his past experience at the international body.

He served as an IMF executive director from 1999-2000, and also enjoyed three years as deputy managing director between 2000-2003.

Europe's leaders have however thrown their weight behind French finance minister Christine Lagarde, with her name repeatedly mentioned following the resignation of Dominique Strauss-Kahn who stands accused of sex allegations against a New York maid.

Though Lagarde has emerged as the leading candidate for the role, she has yet to declare that she is in the running.


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