Cryptic US position just released

The US Treasury just released a rather cryptic statement. It fails to fully endorse the same language that the IMF used 2009. In 2009 the agreement was “an open, merit-based and transparent process for the selection”. Even that was a compromise since it left out the key phrase that developing countries wanted: “without regard to nationality”

The US statement reads:

“We want to see an open process that leads to a prompt succession for the Fund’s new Managing Director.”

The call for a prompt replacement will make it more likely the Europeans stitch up the process. And with no reference to transparency or “merit-based”, it looks like Geithner is waffling!

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