Thank you, Chairman.
Yours has been an honorable candidacy and it has been our privilege to have nominated you. Our nomination has been based on the three principles enunciated by the G-11, namely full transparency, full participation, and a plurality of candidates, regardless of nationality. These three principles stand as beacons of what any multilateral, cooperative institution such as the Fund, should be espousing and should be understood by the world as representing. Sadly, this is not the case at present. I would like you to know that in the days ahead, my chair and possibly others, will work very hard indeed to secure a change - a permanent change - in this aspect of the Fund's institutional arrangements, an anomaly which seriously detracts from the serious work we are all engaged in.
I will have another opportunity to address my colleagues on this issue during our informal Board meeting according to the rules set up by the Dean.
[Note: Acting Managing Director, Stanley Fischer was chairing the Executive Board session when this statement was issued.]
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