IMF board blocks Fischer candidacy
By Alan Beattie in Washington (Financial Times)
Published: June 14 2011 01:50 | Last updated: June 14 2011 01:50
The board of the International Monetary Fund has blocked the application of Stanley Fischer, governor of the Bank of Israel, to head the organisation, leaving only two candidates in contention.
The candidacy of Mr Fischer, 67, who announced his decision to run for the position of managing director on Saturday, would have required IMF members to waive a requirement that applicants be younger than 65.
The board decided not to accept that request, with some of the rich economies arguing that his candidature would confuse and delay the process. European countries have been strongly backing Christine Lagarde, the French finance minister, and are unlikely to want a candidate who might draw votes away.
Domenico Lombardi, a former IMF board member now at the Brookings Institution, said: “A significant group in the membership is already set on appointing Christine Lagarde, and permitting Stan Fischer as a candidate might have complicated that.”