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Lagarde and Carsterns are both “credible” candidates to lead IMF says US

US Treasury Secretary Timothy Geithner

United States Treasury Secretary Timothy Geithner said France's Christine Lagarde and Mexico's Agustin Carstens are both “credible” candidates to lead the International Monetary Fund, but he wants the candidate who can earn the broadest support.

“They're very talented people. Christine Lagarde is an exceptionally capable person, an excellent mix of financial, economic knowledge, talent, and the kind of political skills you need,” he said at a breakfast sponsored by Politico. “Agustin has that as well. We want to see a process where we look to the candidate who can command the broadest support.”

Geithner said the United States will eventually weigh into the decision, but said he believes it is important that the IMF run a “contestable” selection process based on merit and the talents of candidates.

Both Carstens, Mexico's central bank governor and former finance minister, and Lagarde, France's economy minister, have put their names up for consideration to replace Dominique Strauss-Kahn, who resigned as IMF chief last week.

Carstens is the first candidate for IMF managing director from an emerging market. The IMF has been run by a European since it was created after World War Two. However many have seen Lagarde as the front runner.

Geithner said the United States was working with emerging economies and Europe to make sure the fund's structure “reflects the balance of power in the world today.”

“Two very credible people now said they'd like to run the institution and there may be others that join them,” Geithner said. “But I think you can look at this now and be much more confident that you're going to have an open process where people are going to look at the candidate, not just at the most experience and technical capacity, but who can command the most, the broadest base of support.”