Thursday, January 27

Calviño, European candidate for the presidency of the IMF’s monetary and financial committee

Ecofin has appointed the economic vice president and economic minister, Nadia Calviño, a European candidate to chair the monetary and financial committee of the International Fund (IMF). The IMFC, until now chaired by Magdalena Andersson of Sweden, is one of the IMF’s main advisory committees. The position is compatible with the functions of the Vice President and Minister of Economic Affairs and Digital Transformation.

The IMFC advises and reports to the IMF’s Board of Governors on the supervision and management of the international monetary and financial system, including responses to developments that may disrupt the system, reports the IMF itself, stating that although the IMFC does not has formal decision-making powers, in practice it has become a key instrument of strategic guidance to the work and policies of the IMF.

The IMFC generally meets twice a year, during the annual and spring meetings of the IMF and the World Bank. The committee has 24 members, who are central bank governors, ministers or officials of similar rank and who come from the 190 member countries of the IMF.

Calviño has become a European candidate by unanimous decision of the Ministers of Economy and Finance of the European Union (Ecofin), who, after a process of consultations, have agreed to propose her to succeed the Swedish Magdalena Andersson, who leaves the post after her Appointment as Prime Minister of the country, before the end of her mandate. With her election, the Vice President would complete this mandate.

Although there are no formal rules that define the term of the mandates, since 2007 the presidents of the IMFC have been designated to occupy the position for a period of three years.

Once the candidacy has been announced by Ecofin, the process will culminate in the coming weeks after a period of consultations within the executive board of the International Monetary Fund.

Calviño would be the Spanish Prime Minister and the second woman to chair this IMF committee.