"I believe the case needs to be looked at on its merits and not on political factors," Governor of the Bank of Israel Prof. Stanley Fischer told "The Wall Street Journal" about his decision to run for the post of IMF managing director. "We'll have a far more reasonable contest that way than if we just left it to who can travel around the world most often."
Fischer thus fired a barb against rival for the post, French Minister of Finance Christine Lagarde, who has been travelling around the world to drum up support from emerging economies, beginning with China and India.
Lagarde is considered the leading candidate for the post, while Fischer's chances are not great. Largarde has already won the support of European countries, which have a third of the votes at the IMF. She has also won the support of South Africa, Indonesia, and the United Arab Emirates.
Fischer also faces a technical hurdle - his age. At 67, is two years older than the age permitted under IMF regulations to be elected as its director general for the first time. Fischer shrugged off the issue of his age. "It's not sensible at this stage to say to someone at 67, who is full of vigor, that he's too old," he said.
Published by Globes [online], Israel business news - www.globes-online.com - on June 13, 2011
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