The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

IMF top job: Fischer questions Lagarde’s credentials

The Bank of Israel governor tells Dominic O’Neill why he was disqualified from the IMF managing director short list, and discusses the challenges that the institution and new appointee Christine Lagarde face.

WHEN GREECE’S WOES threaten the world’s second-largest reserve currency, the IMF needs an experienced managing director more than ever. Yet a man in undeniable possession of those skills – Stanley Fischer – was disqualified on the grounds of age. Instead, and for the 11th consecutive time, Europe got one of its own. Yet Christine Lagarde comes with baggage. She was close to one of the main interested parties in the eurozone debt crisis and she has been criticized for lacking the right management competencies to deal with the biggest short-term challenge facing the IMF today.

"Starting as managing director with Christine Lagarde’s background is not an advantage at this point," says Fischer, in an exclusive interview with Euromoney in July, only the day after the IMF announced that Lagarde would take on the role and as Greece passed new austerity measures to the sound of raging protesters outside parliament in Athens.

The governor of the Mexican central bank, Agustín Carstens, was Lagarde’s only rival for the job after Fischer was disqualified. Representing the emerging markets, Carstens made comments similar to Fischer’s about Lagarde’s status as a European.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree