For the record…

Chronicling the ‘open, merit-based, and transparent process’ thus far

It struck me that in the event Kristalina Georgieva becomes the next IMF managing director (MD) and serves out her two terms, that, ten years from now, when there will once again be calls to end the gentleman’s agreement, we might find ourselves wondering how exactly another European got the job at the time. By what ‘open, merit-based and transparent process’ did the powers-that-be decide that, across their entire membership, the former World Bank CEO from Bulgaria was the most qualified and distinguished candidate (“without taking geographic preferences into account”, of course)?

As most decisions thus far have taken place behind closed doors with only occasional crumbs of information coming through, mostly from a few ardent reporters’ twitter feeds, this is an attempt at establishing a record of the step-by-step ‘open, merit-based, and transparent’ process leading up to Kristalina’s nomination by the European Union, based on public reporting and the, albeit sparse, official information made available (reflecting Brussels’s location in the centre of the known IMF universe, all times are CEST).

  • 2 July: Aaaaand we’re off! Lagarde announces her European Central Bank presidency nomination and relinquishes her responsibilities as IMF MD during the nomination period.
  • 8 July: Bloomberg reports European finance ministers say it is a “priority” for them to put another European in place, jointly presented by the EU and, in the words of French politician Bruno Le Maire, “without useless rivalries” (erm, should we just stop there?)
  • 12 July: The day the Dutch government demonstrates how aggrieved they really feel about being side-lined in the negotiations for top EU positions:
    • Dutch government nominates its former finance minister Jeroen Dijsselbloem and kicks off its lobbying campaign for his candidacy with key governments;
    • Dutch prime minister Rutte softens his stance on US requests to provide military support in the Strait of Hormuz and Syria ahead of his visit to the White House the following week.
  • 16 July: Lagarde submits resignation as IMF MD effective from 12 September, after being confirmed as new ECB president.
  • 19 July: José Antonio Ocampo, former nominee in 2012 for World Bank president, with “experience in all the areas that might be considered most relevant for the IMF Managing Director post”, publishes his vision for reforming the IMF toward a more effective and inclusive future – to deafening silence from officials…
Continue reading “For the record…”