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New economies challenge EU claim to IMF throne
Date 20/05/2011 15:54  Author webmaster  Hits 1114  Language Global
20 MAY 2011

By Andrew Rettman

EUOBSERVER / BRUSSELS - Brazil, China, Russia and Turkey have indicated they want their people to run for the top job at the International Monetary Fund (IMF) despite EU claims to exclusive ownership.

Speaking to EUobserver in Brussels on Thursday (19 May), Turkey's ambassador to the EU, Selim Kuneralp, said leading EU countries are bound to honour an agreement at the G20 in London in 2009 to appoint the next IMF chief on pure merit.

He said the G20 promise came because the global balance of power is changing.

"The EU has a very heavy weight and so has the US. But emerging economies have increasing weight. This is precisely why this language was put in the G20 conclusions," he said.

"I was a sherpa for the [Turkish] prime minister for three G20 summits, so you can take my word for it: the feeling of a desire for change among the emerging economies is evident and obvious. People do not want to continue with this sharing of posts between the US and Europe."

Kuneralp is a personal friend of Turkish economist Kemal Dervis, a leading contender for the IMF job.

"I don't know if he is interested. But he was a minister in charge of the economy at a time when Turkey was undergoing a major crisis and with IMF help he managed to turn things around, so he has a lot of experience," the diplomat noted.

For his part, Russian finance minister Alexei Kudrin has backed Kazakhstan central bank chief Grigory Marchenko for the post.

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