IMF, Lagarde promises "adequate representation" to emerging countries

French Finance Minister Christine Lagarde has ensured that emerging countries, which in recent days have opposed her candidacy to lead the International Monetary Fund (IMF), will be represented in the organization's top positions. “I want to find a solution. We need adequate representation at the highest level, on the basis of merit, from different nationalities and academic backgrounds,” said Lagarde. The chair of director general of the IMF is vacant following the resignation of the Frenchman Dominique Strauss-Kahn, arrested last May 14 on charges of attempted rape of a hotel maid in New York. Brazil, Russia, India, China and South Africa, or the so-called BRICS, have criticized EU officials for having sided in favor of a European successor to Strauss-Kahn, a tradition that dates back to the foundation of the Fund. However, the hypothesis of nominating a figure representing the large emerging economies to lead the IMF has not materialised, for the time being. Excluding Lagarde, the only other candidate on the table is that of Augustin Carstens, governor of the Bank of Mexico. “I don't think I have to represent a particular constituency or region. I would be at the service of the whole institution” said Lagarde.