European Union has filed the nomination for managing International Monetary Fund (IMF) and it is Kristalina Georgieva. The decision has put an end to weeks of conflict amongst 28 nations. Georgieva is currently the CEO of World Bank and her nationality is Bulgarian. During July, the former managing director at IMF had resigned. Christine Lagarde went on to be the chief of European Central Bank (ECB). European officials were perplexed and decided to select a candidate by nomination and Georgieva won.
Other candidates who also stood for the position includes Spanish Finance Minister, Nadia Calvino, previous Dutch finance minister as well as president of Eurogroup, Jeroen Dijsselbloem. Another candidate was Olli Rehn, Governor of Central Bank in Finland. Member countries of IMF can still file their nominations till September 6, 2019. Following that, IMF board would call the nominated candidates for interview and IMF would have its new head within October 4. IMF was never lead by a non-European from the very beginning. President of World Bank is appointed solely by United States.
Lagarde was appointed as the head of IMF in 2011. She had two significant things to deal with – IMF’s reputation needed to be rebuilt because there was a scandalous activity concerning the previous head. Another was to provide support to euro zone when sovereign debt crisis had happened. The situation today has become much more complicated. U.S and China are in a trade conflict for past two years and their situation has been a major hindrance to worldwide growth. Monetary policy of central banks needs to be revised and understood whether or not the old tools can still be applied after the sovereign debt crisis.
Chief Investment Officer at Kleinwort Hambros said that whoever has decided to be the chief of IMF should be ready to be at war. It would be a trade war and currency war and the person will have to address these emergencies.
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