MercoPress. South Atlantic News Agency

Lipsky confirmed as IMF Deputy Manager

The International Monetary Fund Executive Board approved the appointment of JP Morgan Vice Chairman John Lipsky as First Deputy Managing Director of the IMF. Lipsky, a U.S. national, will start his five-year term on September 1, succeeding Anne Krueger who steps down at the end of August.

IMF chief Rodrigo Rato proposed the appointment of Lipsky on May 18, saying he would bring to the position "an international reputation in macroeconomics, a first rate record in leadership and outstanding skills as a communicator."

Lipsky, 59, who worked at the IMF for 10 years until 1984, said in a statement announcing his appointment that it would be a homecoming to an institution he knows well.

Mr. Rato said "John is no stranger to the Fund, having worked here for 10 years until 1984. Since then he has enjoyed a highly successful career working as an economist on financial markets. John has also been an influential commentator on the reform of the international financial system and the work of the Fund. This breadth of skills and experience will enable him to make a major contribution in the period ahead as we implement the Fund's Medium-Term Strategy".

"John will build on the legacy of Anne Krueger, who has served the Fund with great distinction over the past five years". Mr. Lipsky's appointment will be to a five-year term, effective September 1, 2006.

John Lipsky, 59, is Vice Chairman of the JPMorgan Investment Bank. In this position, Mr. Lipsky publishes independent research on the principal forces shaping global financial markets, is actively engaged with JPMorgan's key clients, and represents the firm around the world with senior public and financial sector decision makers. Previously, Mr. Lipsky served as JPMorgan's Chief Economist, and as Chase Manhattan Bank's Chief Economist and Director of Research. He served as Chief Economist of Salomon Brothers, Inc. from 1992 until 1997. From 1989 to 1992, Mr. Lipsky was based in London, where he directed Salomon Brothers European Research Group.

Before joining Salomon Brothers in 1984, he spent a decade at the IMF, where he worked on a number of countries and served as the Fund's Resident Representative in Chile between 1978 and 1980.

Mr. Lipsky's professional activities include serving on the Board of Directors of the National Bureau of Economic Research, the Economic Club of New York, the American Council on Germany and the Japan Society. He also serves as a member of the Advisory Board of the Stanford Institute for Economic Policy Research and of the Economics Subcommittee of the Bond Market Association. Mr. Lipsky is a member of the Council on Foreign Relations.

A graduate of Wesleyan University, Mr. Lipsky earned a bachelors degree in economics. Subsequently, he was awarded an M.A. and a Ph.D. in economics from Stanford University