International Monetary Fund Managing Director 2011 election The selection process for the new Managing Director of the IMF in 2011 presents characteristics that have never been seen. The balance of power that held the unwritten rule that assigned the leading position of the IMF to a European seems to be changing as the developing nations acquire more weight. In particular the

BRIC BRIC is a grouping acronym referring to the developing countries of Brazil, Russia, India, and China, which are identified as rising economic powers. It is typically rendered as "the BRIC," "the BRIC countries," "the BRIC economies," or alte ...

nations, together with

South Africa South Africa, officially the Republic of South Africa (RSA), is the Southern Africa, southernmost country in Africa. It is bounded to the south by of coastline that stretch along the Atlantic Ocean, South Atlantic and Indian Oceans; to the ...

and

Mexico Mexico (Spanish: México), officially the United Mexican States, is a country in the southern portion of North America. It is bordered to the north by the United States; to the south and west by the Pacific Ocean; to the southeast by Guatema ...

, have expressed their strong opposition to assign the Managing Director position based on geographical characteristics as opposed to a merit-based approach.

Candidates

The two openly announced formal candidates were

Agustín Carstens Agustín Guillermo Carstens Carstens (born 9 June 1958 in Mexico City) is a Mexican economist who has served as the general manager of the Bank for International Settlements since 1 December 2017. He served as governor of the Bank of Mexico from ...

, Mexico´s Central Bank Governor, and

Christine Lagarde Christine Madeleine Odette Lagarde (; née Lallouette, ; born 1 January 1956) is a French politician and lawyer who has been serving as President of the European Central Bank since 2019. She previously served as the 11th managing director of the ...

France France (), officially the French Republic ( ), is a country primarily located in Western Europe. It also comprises of overseas regions and territories in the Americas and the Atlantic, Pacific and Indian Oceans. Its metropolitan area ...

´s Minister of Finance. The statements and resumes of the candidates present their personal backgrounds and their perspectives on the role of the IMF. The election was won by Christine Lagarde.

References

{{Reflist , refs = Lagarde, Christine. ''Statement by Christine Lagarde, Ministry for Economy, Finance and Industry to the IMF Governors and Executive Directors''

/ref> Carstens, Agustin. ''Statement by Agustin Carstens, Governor of Banco de Mexico, to IMF Governors and Executive Directors''

/ref> International Monetary Fund, Managing Director 2011 election