Update: The Executive Board releases its official announcement on Lagarde’s selection as the new IMF Managing Director. Lagarde will assume her new post in 1 week (!), on July 5, 2011.
The New York Times is reporting that the U.S. has officially endorsed Christine Lagarde for IMF Managing Director.
The United States supports Finance Minister Christine Lagarde of France to take over as the new chief of the International Monetary Fund, Treasury Secretary Timothy F. Geithner said in a statement Tuesday.
The endorsement virtually seals a win for Ms. Lagarde over Mexico’s central bank governor, Agustín Carstens, whom Mr. Geithner commended for having put up a “strong and credible candidacy.”
The endorsement was not unexpected. The United States would not risk alienating European allies in the lead-up to selecting the World Bank President next year. The U.S.’ official position up to today has been that they would only support a candidate that had broad geographic support, which Lagarde secured during a whirlwind tour to Brazil, India, China, Japan and several African states.
As following on Global Memo‘s Executive Board Tally Sheet, Ms. Lagarde had secured a majority of votes weeks ago, including the anticipated U.S. support.
(Photo courtesy of the World Economic Forum)