European Union finance ministers are expected to choose the bloc's candidate to lead the International Monetary Fund sometime on Friday.
EU finance minister were supposed to have presented a candidate to replace Christine Lagarde as the head of the IMF weeks ago, however, they have failed to reach an agreement. Lagarde is moving to the European Central Bank, where she will replace Mario Draghi ECB president.
A short-list containing four names has been released. The list includes the Dutch former head of euro zone finance ministers Jeroen Dijsselbloem, Spanish Economy Minister Nadia Calvino, Finnish central bank governor Olli Rehn and Bulgaria's World Bank chief executive Kristalina Georgieva.
The Portuguese chairman of euro zone finance ministers, Mario Centeno, announced on Thursday that he was pulling out of the race "at this stage of the process," but added that he would be available if needed for a compromise solution.
According to one European official, Britain does not have a candidate in the running after failing to present one on time. France is leading the process of selecting a European candidate for the top job at the Washington-based international financial institution and global lender has historically been filled by Europeans.
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