Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-06-Speech-1-064-000"
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"en.20110606.17.1-064-000"2
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"Madam President, honourable Members, many thanks for your very pertinent questions. The Commission welcomes the decision of the Executive Board of the IMF on 20 May this year, which clarifies the selection process for the next Managing Director of the IMF.
The Commission agrees that the selection process has to be open, transparent and merit-based. This will enable candidates from all IMF member countries to compete on the basis of their merits, taking into account all relevant aspects.
The EU Member States have agreed that they will back the best qualified candidate who is able to meet the high standards required to fulfil the responsibilities attached to this very important position. Such a candidate will, in particular, need to have demonstrated strong capabilities, a commitment to multilateral coordination, and a great knowledge of international economic, financial and monetary affairs. The Commission supports this agreement.
The Commission fully supports the candidacy of Minister Christine Lagarde. She is a competent and experienced candidate, who has gained the respect of our partners in the international community. She not only has a very good knowledge of the European economy and EU decision making, which is a merit in these times, but also very strong experience in global economic governance – through her successful management of the G20 Presidency, for instance.
Let me also add that last year, an agreement was reached at the G20 summit in Seoul in Korea to reduce European representation in relative terms on the IMF Board by two seats, so as to increase the voice and representation of emerging market economies.
The issue of the external representation of the euro area, while related to the general reform of the International Monetary Fund, is not directly linked to the selection of the Managing Director of the IMF. The Commission is of the view that it is in the common interest of Europe, the Union and its Member States, to move progressively towards a single seat for the European Union, or at least the euro area, in the IMF. Gradually and progressively.
Mr President, honourable Members, as you know, I am fully committed to the reform and reinforcement of EU economic governance, both internally and externally. In achieving this, I prefer to apply the tested method of Jean Monnet: Europe is built through concrete progress in real life, one step at a time, taking larger and smaller steps.
Therefore, let us first conclude the reform of our internal governance, which is urgently needed and which will be a huge step forward once implemented. Then let us tackle the challenge of external representation which will be another major step forward once agreed and implemented. One big step at a time."@en1
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