The IMF said in a statement that the nomination of presidential candidates will start on May 23rd and end on June 10. The 24 members of the Executive Committee can nominate a candidate during this period. Before the nomination period ends, the IMF Secretary-General will keep all nominations confidential. At the end of the nomination period, the Secretary-General will announce the names of the nominees who are willing to be candidates for the Executive Board, and then the Executive Board will narrow down these candidates to the final list of three people.
The first step is to select three candidates, and then the Executive Committee will meet with the three finalists in Washington, D.C., to discuss the advantages of the candidates and make a choice.
Although the IMF claims that it will select a new managing director in an "open, meritocratic and transparent" way, the selection process is still questioned as an opaque and informal voting mechanism. Although the executive board can choose the president on the basis of majority voting, the specific implementation is still based on the consensus of its 24 members.
Indian Wilmani, executive director of the International Monetary Fund, said: "On the surface, it is a vote to decide the president, but in fact it is a behind-the-scenes negotiation." During this period, in the reports about the new managing director of IMF at home and abroad, the voices from emerging economies are much louder. However, a country's right to vote in the IMF can indeed determine the weight of its right to speak.
In the IMF, Europe has 35.6% of the voting rights, and the United States has 16.8%. Although China is the second largest economy in the world, its voting rights only account for 3.65%. As long as these two European and American companies cooperate tacitly, no matter how the new IMF president is chosen, the result will not be "out of line". On the one hand, the voting rights of emerging countries are only half, on the other hand, it is difficult to coordinate the launch of popular candidates, so the odds are not high. European and American leaders unanimously sided with French Finance Minister Lagarde.
If Europeans are re-elected, emerging countries will have to wait at least five years for the International Monetary Fund. Although the odds are slim, emerging countries have made their own voices through this incident, and Europeans can no longer wait for the presidency to fall into their own hands. When analyzing the possibility of China being elected as the managing director of the IMF, The Wall Street Journal pointed out that Zhu Min, the current special adviser to the managing director of the IMF, would be opposed by the United States and Europe, and Zhu Min was also considered inexperienced.
Zhang Zhixiang, former IMF executive director in China, also said: "Our requirements may not be fully reflected in the competition of the managing director. In the next IMF re-election, we should not only consider the president candidate, but also consider the executive board team. "
In the composition of the IMF executive board, the top leader is usually a European, and the second leader, the first executive vice president, is an American. In addition, there are two candidates for vice president, namely Shinohara, former vice minister of international affairs of the Japanese Ministry of Finance, who succeeded Kato Takatoshi as vice president on February 20 10. The other vice president is Egyptian Matt shafiq. The vice president in charge of European affairs holds both American and British nationality.
"judging from the current composition of the IMF executive board, there is a lack of emerging market components. China is more likely to take advantage of the influence of emerging countries in the negotiation process and win the post of vice president first. " Zhang Zhixuan said. Lagarde, managing director of the International Monetary Fund (IMF), announced the nomination of Zhu Min from China as vice president. Many economists in China are optimistic and say that Zhu Min's appointment will enhance the voice of emerging countries.
This is the first time since the establishment of 1944 that the International Monetary Fund has proposed to break the high-level "one positive and three deputy" model and add a fourth vice president.
Zhao Xijun, deputy dean of the School of Finance and Finance of Renmin University of China, said that the nomination of Zhu Min as the vice president of the International Monetary Fund is not only the IMF's personal attention to Zhu Min, but more importantly, he represents an emerging market country with growing strength. Especially since China's reform and opening up more than 30 years ago, the country's strength has been continuously enhanced, which makes the International Monetary Fund need to pay attention to the voices from emerging market countries represented by China and China. Yu Yang, a well-known media commentator and researcher at the Urban Development Center of the National Development and Reform Commission, said that if Zhu Min is successfully elected, it means that the chances of emerging countries making reasonable voices at the top of the International Monetary Fund will further increase. Yu Yang said that when choosing a deputy, Lagarde must consider the balance between developed countries and emerging countries, so that she can better and more broadly represent the International Monetary Fund and listen to the voices from different countries around the world.
Some experts predict that Zhu Min will become a strong contender for the next IMF president after becoming vice president. On the morning of 2011June 13, IMF Managing Director Lagarde formally nominated Zhu Min, former deputy governor of the People's Bank of China and special adviser to the IMF Managing Director, as the IMF's vice-president position, which is the fourth vice-president position created by the IMF. Although it has yet to be approved by the IMF Executive Board, according to experience, there is no doubt that Zhu Min will take office on July 26th. By then, Zhu Min will become the first China vice president of the IMF.
Lagarde pointed out, "Zhu Min has rich experience in government, international policy making and financial market, strong management and communication skills, and profound insight into the IMF system. I look forward to his advice. " According to industry insiders, it is not only in line with the future reform direction of the IMF, but also in line with the changes in the world economic structure and the requirements of emerging economies to appoint Zhu Min, who represents emerging market countries.
"Lagarde chose Zhu Min, although some reciprocated, but it is also reasonable." Sun, deputy dean of the School of Economics of Fudan University, said, "As a leader of emerging countries, China is becoming more and more indispensable in international affairs. If the IMF wants to play a role in the world economy, it cannot do without the support and participation of China. " WSJ: The appointment of Zhu Min as vice president is part of a plan promised by Lagarde, the new managing director of the IMF, to involve emerging market countries more. This will mark the first time that China officials have gained a place in the senior management of the IMF.
Prasad, former IMF official: Zhu Min's promotion reflects China's increasingly important position in the IMF's power structure, which also makes people worry about whether the IMF is willing to make an unfriendly assessment of China's policy in the future.