03:24
societynews[dot] org
WASHINGTON (AFP)-US Treasury Secretary Timothy Geithner said Monday that challenges such as the European crisis meant that the IMF needed a strong leader, although it has resisted endorsing one of the two candidates.
Geithner praised the process of choosing a new Executive Director for the International Monetary Fund-with a decision expected Tuesday as "open", despite criticism that remains opaque, with behind the scenes deal with ensuring that the work will go to French Finance Minister Christine Lagarde.
"I think we are on the verge of having what I thought was needed-that is an open, two excellent candidates contested, rapid resolution," Geithner told reporters.
"I'm sure we're on the verge of having someone emerge that will come in very well supported," he said.
"And that is very important, because this institution faces plenty of challenges, not least in Europe, and it is time that we need strong leadership."
Lagarde faces Mexican Central Bank Chief Agustin Carstens in the battle to replace Dominique Strauss-Kahn, who resigned on 18 May to fight charges of sexual assault in New York.
Deeply concerned over the fragile rescue of Greece, Ireland and Portugal, Europe has strongly pushed for Lagarde, against frustration among emerging economies on the 65-year monopoly on the position of Europe.
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