Czech Republic has representative in IMF management for first time in 70 years

On 1 November 2016, Michaela Erbenová, a former member of the Bank Board of the Czech National Bank, took up office as Executive Director in the International Monetary Fund (IMF). For the first time in 70 years, the Czech Republic has thus gained the position of one of the 24 members of the IMF Executive Board elected by the Board of Governors.

Michaela Erbenová will represent the Central and Eastern European constituency in the IMF Executive Board for two years. This constituency comprises the Czech Republic, Turkey, Austria, Hungary, Slovakia, Belarus, Slovenia and Kosovo. The Czech Republic has filled the position of Executive Director on the basis of an agreement between the members of this constituency.

Michaela Erbenová (48) has been employed at the IMF since 2007, most recently as Deputy Division Chief in the Monetary and Capital Markets Department. In 2000–2006 she was a member of the Bank Board of the Czech National Bank, which nominated her for the post of IMF Executive Director.

Marek Zeman
Director, CNB Communications Division

The Executive Board of the IMF has 25 members, who, in addition to the Managing Director of the IMF, include 24 Directors elected by the Board of Governors. Eight of those Directors are nominated by large countries forming single-state constituencies (the USA, Japan, Germany, France, the United Kingdom, Russia, China and Saudi Arabia) and 16 are nominated by the other IMF member countries, which form multiple-state constituencies.

The Executive Board is the supreme executive body of the IMF and is chaired by the Managing Director of the IMF. It takes care of the daily business of the IMF and meets weekly. Its members have a permanent office at the IMF headquarters in Washington.

A constituency is a group of IMF member countries connected by an agreement. Each constituency is represented in the IMF Executive Board by a joint Executive Director. Constituencies are formed on a voluntary basis. The share of the Central and Eastern European constituency in the total voting power of all IMF members is 3.22% and the Czech Republic’s share in the total voting power of the constituency is 14.32%.