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French Finance Minister Christine Lagarde's candidacy to head of the International Monetary Fund gained momentum on Sunday with a close ally of President Nicolas Sarkozy saying she already had several countries' backing.
Interior Minister Claude Gueant, former chief of staff to Sarkozy and one of his top advisors for the past four years, said Lagarde would make an excellent head of the Washington-based lender, becoming the first member of France's cabinet to openly tout her credentials.
The race for the leadership of the IMF was thrown open on Thursday, at a crucial time for Europe's debt crisis and the fragile global recovery, when Frenchman Dominique Strauss-Kahn resigned after being arrested on charges of attempted rape.
Strauss-Kahn, a leading contender for the French presidency until his arrest, has denied the charges. His departure opened a tug of war between Europe and emerging economies, which argue it is time to end 65 years of European domination of the post.
While Lagarde's departure for Washington would rob Sarkozy of a charismatic minister a year ahead of presidential polls in France, it would hand him a powerful ally for France's ongoing presidency of the G20 and in euro zone debt-crisis talks.
With the IMF due to accept nominations from Monday, European powers have already started to close ranks behind a regional candidate, saying it is crucial the next managing director has knowledge of Europe, where the lender is heavily involved.
On Saturday, British finance minister George Osborne said Lagarde, a 55-year-old former lawyer, was an "outstanding candidate" and German Chancellor Angela Merkel called her an experienced "figure of excellent standing".
With the support of the region's three largest economies appearing to guarantee Lagarde the European nomination, she would only realistically require the backing of the United States to secure the IMF post.
Leaders from the G8 group of industrialised powers are expected to discuss a replacement for Strauss-Kahn at a summit this week in the French coastal resort of Deauville, but it was not yet clear if they would make any formal announcement.

Copyright Reuters, 2011

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