Tags: IMF | International Monetary Fund | European Union | EU

Top Treasury Official Says IMF Will Have Non-European Boss In Future

Top Treasury Official Says IMF Will Have Non-European Boss In Future

International Monetary Fund (IMF) Managing Director Christine Lagarde, right, exchanges documents with Danish Central Bank Governor Lars Rohde after the signing ceremony for a bilateral borrowing agreement at World Bank/IMF annual meetings at IMF headquarters in Washington on Saturday, Oct. 8, 2016. (AP Photo/Jose Luis Magana)

By    |   Sunday, 23 October 2016 10:27 PM

Despite the International Monetary Fund’s unbroken history of European managing directors since its founding in 1945, a top U.S. Treasury Department official told Newsmax last week that a non-European chief could be running the IMF "in the not-too-distant future."

Nathan Sheets, Undersecretary of the Treasury for International Affairs, made this startling forecast at a forum on Oct. 6 titled "An Evolving IMF," part of the Economic Statecraft Speaker Series hosted by the Washington-based Center for Strategic and International Studies.

Discussion of a non-European managing director was brought up at the October 2010 IMF/World Bank Annual Meeting but faded the following year when scandal forced Dominique Strauss-Kahn to resign as IMF chief. Newsmax asked Sheets if he thought there would be a non-European managing director in the near-future.

"I do expect that in the not-too-distant future, there will be discussions of managing directors from other parts of the world," he told us, adding that it was "altogether appropriate and the way it should be. The search seeks to find the most qualified and effective people to move forward in the senior leadership of the IMF."

Sheets emphasized that "the managing director of the IMF must be chosen based on competence and experience, on the broad set of qualities and attributes that a person brings to the table."

He added that "as I look around the global economy today, I can’t think of a more qualified candidate than the managing director we have now, Christine Lagarde, who I think has been exceptionally effective in that position."

The IMF has been in the news lately over turbulent developments ranging from the loans to rescue Greece from debt to the fate of the European economy after the United Kingdom voted to pull out of the European Union. Since its founding in 1945, the IMF has had eleven managing directors—all from Western Europe and five from France alone (including LaGarde).

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Despite the International Monetary Fund's unbroken history of European managing directors since its founding in 1945, a top U.S. Treasury Department official told Newsmax last week that a non-European chief could be running the IMF in the not-too-distant future.
IMF, International Monetary Fund, European Union, EU
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2016-27-23
Sunday, 23 October 2016 10:27 PM
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