IMF Executive Board selects Horst Köhler to serve as IMF Managing Director

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On March 23, the IMF’s Executive Board selected Horst Köhler as the new Managing Director of the IMF. The text of Press Release No. 00/21 follows:

The Executive Board of the IMF today agreed unanimously to select Horst Köhler as Managing Director and Chairman of the Executive Board of the IMF. Köhler will succeed Michel Camdessus, who resigned on February 14, 2000.

Köhler, 57, a national of Germany, is currently President of the European Bank for Reconstruction and Development, a post to which he was appointed in September 1998.

Köhler was President of the German Savings Bank Association from 1993 to 1998. From 1990 to 1993, he served as Germany’s Deputy Minister of Finance, being responsible for international financial and monetary relations. During this time, he led negotiations on behalf of the German government on the agreement that became the Maastricht Treaty on European Economic and Monetary Union, was closely involved in the process of German unification, and held the position of Deputy Governor for Germany at the World Bank. He was personal representative...