Ecofin: Calvino, European candidate to chair the IMF’s Monetary and Financial Committee | Economie

Nadia Calvino, on Monday in Brussels.John Theiss (AFP)

First Deputy Prime Minister and Minister of Economy, Nadia Calvino, has been unanimously appointed by the European Union’s Ministers of Economy and Finance as a European candidate to chair the International Monetary and Financial Committee, a key organ of the International Monetary Fund (IMF). Ecofin comes next Sweden’s Magdalena Anderson She became the prime minister of her country. To get to this position, it is not necessary to leave the position of a minister; Conversely, Anderson was in charge of the Nordic financial portfolio until last November 30.

This Committee (IMFC) provides advice and reports to the Board of Governors of the International Monetary Fund, and provides strategic direction for the work and policies of this body. The position chosen by Calvino is renewed every two years and meets twice a year, according to the Ministry of Economy.

The Swedish prime minister has now led the International Monetary and Financial Committee for a year, and the intention, with this move, will be to keep a European at the helm. For this, the first step would also be to seek the UK’s support and, therefore, to be appointed to this position by the IMF Board, in an informal process until the final decision is made. Prior to Anderson, it was a South African minister who chaired this committee.

So far, no Spaniard has occupied this position. Yes, on the other hand, the Managing Director of the International Monetary Fund, the highest rank in this international body, since he was held by Rodrigo Rato between 2004 and 2007, when he resigned. If Calvino is finally elected, she will be the second woman to head the IFMC, “the IMF’s principal advisory committee,” says Economy.

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The Spanish minister had already chosen just over two years ago to be the European candidate to lead the International Monetary Fund to replace Christine Lagarde, who left Washington to take over the leadership of the European Central Bank. Finally, she withdrew her candidacy after verifying that she did not get enough support among the community partners, who ended up electing the Bulgarian Kristalina Georgieva, who had the support of France and is now the managing director of this body.

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