It wasn’t on the original agenda – again.  But it has gripped discussion – okay maybe gossip –  here at the international media center (IMC): the nomination of Christine Lagarde for the IMF top post and whether this nomination is a “slam dunk” or will the newly emerging states resist the European effort to name her the managing director.

The G8 leaders are in a bit of box.  The calendar is not in their favor.  If this were a G20 assemblage as opposed to a G8 summit, there would be less of a dilemma.  Leaders would then include China, Brazil and India especially but also Korea, Indonesia and Turkey – newly emerging market states.  A public statement in such a meeting, were it to come, would represent a broader expression of opinion and policy than is possible at the G8 with only the traditional leaders in attendance.

But there is no G20 meeting.  It is a G8 gathering of leaders and the host is France. Needless to say President Sarkozy is a strong advocate for the accession of Lagarde.  And there is little doubt that the host will seek to encourage a statement of support for her.

Such a statement would be a mistake I fear.  There is strong sentiment in the large emerging market countries that alternative nominations – including those from the emerging market countries – such as Augustin Carstens,  the Mexican central bank head, Trevor Manuel former finance minister of  South Africa and Tharman Shanmugaratnam, the current finance minister of Singapore – be promoted.  These countries do not want to simply accede to the French effort to promote the current finance minister of France.

The bottom line – a collective expression of G7/8 support would appear to sanction “same old; same old”.  The G7/8 should avoid this even if Largarde is the right candidate – at least for now.