Operas at the Arena, day-trips on beautiful Lake Garda and romantic walks under Juliet's balcony. These could be the new pastimes for IMF staff and officers in a few years, if the mayor of Verona succeeds in getting the organization's HQ moved there from Washington.
Mayor Michela Sironi presented Verona's candidacy to the Italian government last October.
But there are three legal battles to be fought. The first will be in the European Parliament in Strasbourg. "The IMF Articles of Agreement state that the headquarters must be located where the largest shareholder is," says Sironi. "Euroland as a whole represents a larger share than the US, so we will be lobbying in parliament to have the headquarters in Europe."
Then there is the choice of location: "In France there is the OECD, in Germany the European Central Bank, therefore Italy and Spain are the natural candidates," says Sironi. "It is up to our government to make itself respected in Europe and get the IMF to move here," she says. "Once Italy is designated as the new home for the IMF, Verona will be the ideal choice. It is a quiet, medium-size city with great transportation facilities and close to many important European cities such as Milan and Munich." The mayor has great plans for her town as the headquarters of one of the world's most important financial organizations. "We will build new schools and hospitals and a lot of infrastructure to welcome all the IMF staff with their families," she says. But when asked where the money will come from, Sironi has no doubts: her town won't have to stump up. "It's clear that a major part will be provided by the IMF and another part should be charged to the Italian government who will have the honour to have the headquarters on its soil," she says.
IMF sources don't seem impressed: "It is just a bit off," says William Murray, IMF spokesman in Washington. "While the euro area collectively represents a larger share than the US, only countries can be IMF members. Areas or organizations, like the EU, do not count in the headquarters' equation," he says
Meanwhile Sironi is furious because other Italian cities such as Venice are interested: "Can you imagine the IMF on the water?" Luciano Mondellini