[stop-imf] J. P. Morgan Executive Nominated to the I.M.F.

[robert weissman]

http://www.nytimes.com/2006/05/19/business/worldbusiness/19imf.html?_r=1&oref=slogin

May 19, 2006


  J. P. Morgan Executive Nominated to the I.M.F.

By BLOOMBERG NEWS

By Bloomberg News

Rodrigo de Rato, who heads the International Monetary Fund
<http://topics.nytimes.com/top/reference/timestopics/organizations/i/international_monetary_fund/index.html?inline=nyt-org>,
has nominated John Lipsky, vice chairman of J. P. Morgan Chase & Company
<http://www.nytimes.com/redirect/marketwatch/redirect.ctx?MW=http://custom.marketwatch.com/custom/nyt-com/html-companyprofile.asp&symb=JPM>,
to be his top deputy, succeeding Ann Krueger.

"John Lipsky will bring to this important position an international
reputation in macroeconomics, a first-rate record in leadership and
outstanding skills as a communicator," Mr. de Rato said yesterday in a
statement from Washington.

Mr. Lipsky, 59, would join an institution that is seeking to broaden its
role in mediating economic disputes and to expand its sources of
operating revenue. He worked at the I.M.F. for 10 years before leaving
for Wall Street in 1984. He has spent most of his career since then as
an economist and a researcher.

Mr. Lipsky's nomination is subject to approval by the fund's executive
board. His five-year term with the I.M.F. would start Sept. 1, after Ms.
Krueger's term expires. His official title would be first deputy
managing director, which is viewed as the fund's chief operating officer
position.

Founded at the end of World War II to promote global economic stability,
the I.M.F. keeps a watch on the currency, trade and economic policies of
its 184 member nations and makes nonbinding recommendations for
improvement. The fund also provides low-cost loans to countries in
financial need on the condition that borrowers undertake economic policy
changes like adjusting their balance of payments or reducing inflation.

Mr. de Rato recently introduced an ambitious plan to alter the way the
I.M.F. mediates disputes among nations over exchange rates, trade
imbalances and other economic issues. The plan involves multilateral
negotiations to persuade nations to make cooperative economic decisions
with their neighbors.