Bric nations say European IMF claim ‘obsolete’

The tradition of appointing a European as managing director 'undermines the legitimacy' of the International Monetary Fund, the world’s largest developing countries said in an unusual joint statement on the 24 May 2011.

The IMF executive directors for Brazil, Russia, India, China and South Africa attacked the 'obsolete unwritten convention' that the head of the fund is always a European and calling for a 'truly transparent, merit-based and competitive process.'

The statement was a rare example of co-ordination by the Brics countries and marked a challenge to Europe, which was uniting behind Christine Lagarde, the French Finance Minister, as its candidate in an effort to keep control of the IMF job.

ESO: Background information: Lagarde leads race for top IMF job http://www.europeansources.info/record/lagarde-leads-race-for-top-imf-job/

BBC News, 25.5.11: Brics countries 'concerned' over European IMF head http://www.bbc.co.uk/news/business-13536068

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