Europe stays ahead in IMF race

Agustin Carstens, a Mexican economist who has become the leading emerging economy candidate for the International Monetary Fund’s top post, is sounding a tough note on further European bailouts. "A pair of fresh eyes could see European problems with greater objectivity," he said recently. He spoke more gently during a recent European trip, suggesting that ...

By , a professor at Indiana University’s Hamilton Lugar School of Global and International Studies.

Agustin Carstens, a Mexican economist who has become the leading emerging economy candidate for the International Monetary Fund's top post, is sounding a tough note on further European bailouts. "A pair of fresh eyes could see European problems with greater objectivity," he said recently. He spoke more gently during a recent European trip, suggesting that borrowers like Greece and Portugal should be shown greater patience. Because Carstens still faces the task of consolidating emerging-power support for his candidacy, he is forced to speak to several constituencies at once, leading to mixed messages.

Agustin Carstens, a Mexican economist who has become the leading emerging economy candidate for the International Monetary Fund’s top post, is sounding a tough note on further European bailouts. "A pair of fresh eyes could see European problems with greater objectivity," he said recently. He spoke more gently during a recent European trip, suggesting that borrowers like Greece and Portugal should be shown greater patience. Because Carstens still faces the task of consolidating emerging-power support for his candidacy, he is forced to speak to several constituencies at once, leading to mixed messages.

Meanwhile, French minister Christine Lagarde, who already has support from Europe (and probably the United States) in her pocket, has the luxury of focusing exclusively on bridge-building with large emerging economies. She was in Brazil yesterday, sounding conciliatory:

It’s important to allow countries to have a lot of representation. I chose Brazil as my first destination in the campaign because it’s a big emerging country that carries a lot of weight in the international scene.

She’s off to China next, seeking to win Beijing’s support, or at least acquiesence. Europe is clearly a step ahead, and that may make all the difference in this race.

David Bosco is a professor at Indiana University’s Hamilton Lugar School of Global and International Studies. He is the author of The Poseidon Project: The Struggle to Govern the World’s Oceans. Twitter: @multilateralist

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