Ex-French finance minister picked as IMF managing director
( RIA Novosti ) - Former French finance minister Dominique Strauss-Kahn was named Friday as the new Managing Director of the International Monetary Fund (IMF), a spokesman for the organization said.
Strauss-Kahn, 58, who was put forward by the European Union as a single candidate from the 27-state bloc, was unanimously approved by the IMF's Executive Board for a five year term from November 1.
In his September 20 statement to the Board September 20 in Washington, Strauss-Kahn said the IMF was at a crossroads, but needed to "retain a central role in a context that is completely different from the one which prevailed when it was created."
The top position in the global financial institution has been led since May 2004 by Rodrigo de Rato, from Spain, who suddenly announced his resignation in July and will step down in October.
There was one other candidate for the post: Josef Tosovsky, 57, a former Czech central banker, nominated by Russia.
Tosovsky was governor of the Czech National Bank in 1989-2000 and headed the government in 1997-1998 under then-President Vaclav Havel. He currently chairs the Financial Stability Institute in Basel, Switzerland.
The IMF, headquartered in Washington, D.C., is an international 185-member body that oversees the global financial system by observing exchange rates and balance of payments, as well as offering financial and technical assistance.