THE CAMPAIGN of French finance minister Christine Lagarde for the leadership of the International Monetary Fund began yesterday in Brazil, her first stop on a hastily arranged tour of rising economic powers.
The support of Latin America’s biggest economy would solidify Ms Lagarde’s position as the strong frontrunner against Agustín Carstens, the Mexican central bank governor who is her only declared opponent so far.
Ms Lagarde has already won public support from major European capitals, while the United States and Russia have hinted they will back her candidacy.
Her trip to Brazil will be followed by visits to India, China, Russia and Saudi Arabia, as she seeks to reassure states unhappy about the prospect of the post going to a European.
An unwritten convention in place since the institutions were created after the second World War means the IMF leadership goes to a European and the corresponding post at the World Bank goes to an American.
Brazil, China and other states have called for the selection process to be widened, but the momentum behind Ms Lagarde has made that unlikely.
Brazilian finance minister Guido Mantega said this month that the next IMF leader should be chosen on merit rather than nationality and the rise in influence of emerging economies needed to be recognised.
“I’m coming here, obviously, to explain my candidacy . . . and I’m also here to listen to what the Brazilian authorities expect from the fund and from the managing director,” Ms Lagarde said on her arrival in Brasilia.
The G8, meeting in the French town of Deauville last week, did not take a joint public stance on the IMF succession, but French president Nicolas Sarkozy hinted his minister had strong support within the group.
Foreign minister Alain Juppé went further on Sunday when he said there was “unanimous support” among the eight heads of state and government for his cabinet colleague.
Mr Carstens is due to visit Brazil this week as part of his own campaign, but his chances are weakened by the failure of emerging states to rally to his candidacy.
