The battle for Presidency of the EU is hotting up

Yesterday it was reported by Reuters that:

German Chancellor Angela Merkel has asked France whether it would be willing to put forward International Monetary Fund chief Christine Lagarde as president of the European Commission, two French sources briefed on the exchanges said.

They said Merkel, Europe’s most powerful political leader, made the inquiry in a private conversation with French President Francois Hollande after European Parliament elections characterised by widespread anti-EU protest votes.

“Merkel raised it privately with Hollande, who did not take a final position but said he did not think it would be a good idea for Europe to lose the IMF post,” one source said.

Emerging nations have said they want to break a long-standing arrangement under which a European gets the top IMF job and an American heads the World Bank.”

Another source said there was no way the Socialist president, under pressure from the far-right National Front, which won the election in France, and the left wing of his own party, could back a member of the centre-right opposition for the top European Union job.

You can back Madame Lagarde at 4/1 with Ladbrokes (as at midnight)

After much umming and ahhing, I’ve decided not to back her, for the reasons listed above, especially given how poorly President Hollande’s ratings are, they are at a post-war low.

I can’t see any markets up yet, PBers may disagree, but it would be wiser to save your money and back her for next President of France.

The favourite for the Commission President is Jean-Claude Juncker whom Nine-in-10 EU voters cannot name.

TSE