EU Backs Lagarde To Be Next IMF Chief As The Rest Of The World Fails To Find A Candidate

Christine Lagarde

France’s finance minister, Christine Lagarde, looks likely to be the next head of the IMF after receiving the support of British Chancellor of the Exchequer George Osbourne.

Osbourne’s support adds to ever-growing European Union consensus around her candidacy. On Friday, Kemal Dervis of Turkey, who was thought to be a possible consensus emerging markets candidate, dropped out of the running.

There remain a few emerging markets candidates for the post, but no consensus from those countries as to which candidate they should pick. With the U.S. staying out of it, it appears European consensus will have its way and Lagarde will take the position.

Lagarde has her own domestic scandal in France dragging on her candidacy, but it doesn’t look to be detracting from international support for her taking the job.