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Rodrigo Rato


In office
7 June 2004 – 1 November 2007
Preceded by Horst Köhler
Succeeded by Dominique Strauss-Kahn

14th Vice President of the Spanish Government
8th of the Democratic Spain (since 1977)
In office
3 September 2003 – 17 April 2004
President José María Aznar
Preceded by Mariano Rajoy
Succeeded by María Teresa Fernández de la Vega

Born 18 March 1949 (1949-03-18) (age 60)
Madrid, Spain
Nationality  Spain
Political party PP
Spouse(s) María Ángeles Alarco Canosa

Rodrigo de Rato y Figaredo (born 18 March 1949) was Spain's Economy Minister and Vice President serving with the Conservative People's Party (PP) between 1996 and 2004. He was appointed to become the Managing Director of the International Monetary Fund (IMF) on 4 May 2004, and took up his duties on 7 June 2004. He has left his post at the IMF on 31 October 2007, following the World Bank-IMF Annual Meetings. He is married to María Ángeles Alarco Canosa, a businesswoman.

Contents

Politician

Rodrigo de Rato was born in Madrid, into a rich textile owning family from Asturias. He is the great grandson of Faustino Rodríguez-San Pedro and the son of Ramón Rato. De Rato attended a Jesuit school before studying law in the Complutense University.

In 1971 he went to University of California, Berkeley, where he received an MBA in 1974 from the Haas School of Business. In 1975 he became involved in the family business, first in Fuensanta, an Asturian mineral water company, and then in two Madrid construction firms. He also became involved in expanding the Cadena Rato chain of radio stations.

In 1977 he joined the newly formed Popular Alliance (AP), a party containing ex ministers of Franco founded by Manuel Fraga, a close personal friend of his father. In December 1979 he was elected to their national executive committee, and became secretary of their economic commission, and in February 1981 became one of the 5 secretary generals of the party, and was considered to be their economic expert, supporting tight controls on public spending, and an emphasis on the supply side of economics. In October 1982 he was elected as AP member of the Cortes Generales for Cádiz in spite of having no connection to this Andalucian town. He represented the area until 1989 and subsequently represented Madrid from 1989-2000.

The 1982 election represented a defeat for the AP, and the beginning of the long rule of the PSOE and Felipe González. Till 1984 he was the Secretary of the parliamentary group. He then became their economic affairs spokesman where he impressed the party with his attacks on the PSOE's economic policies. He was seen to be on the liberal wing of the party.

When Fraga resigned from the leadership in December 1986 Rato backed Miguel Herrero y Rodríguez who lost the leadership race to Antonio Hernández Mancha, but managed to keep his positions within the party. During these years he also continued his business career, becoming President of Fuensanta. In June 1989 Fraga again became interim President after the generally acknowledged failure of the leadership of Hernández Mancha. The party became the slightly more inclusive People's Party (PP). Rato was given shared responsibility over the elections with Francisco Álvarez-Cascos Fernández, the new party Secretary General. He was a close supporter of José María Aznar, who was voted as the new PP leader on 4 September.

On 29 October, PP lost the general election, though his role in the campaign gave him national prominence. Afterwards he was appointed party spokesman. On 2 April 1990 his father sold the family stake in Cadena Rato for 5 billion pesetas. In June 1991 he stopped being President of Fuensanta, but remained on the board until 1993. On 6 June that year the PP lost another general election to PSOE. In the 12th National Congress in January 1996 he was confirmed as one of the 3 Vice secretaries of the party.

Economics minister

Then on 3 March 1996 the PP won the general election. On 4 May Aznar became Prime Minister of Spain, and on 6 May Rato became both second Vice President and minister of Economy and Finance. On 12 March 2000 the PP won again, this time with an absolute majority. His ministries were reorganised, and he gave all his responsibilities to Cristóbal Montoro Romero who became Minister of Finance. In his second term he had to fend off various charges of incompatibility between his public office and his private business interests.

IMF Managing Director

De Rato became the Managing Director of the IMF on 7 June 2004, taking over from Anne Krueger, who had been acting as temporary director after Horst Köhler, who at that time was nominated (and later elected) President of Germany, resigned the post 4 March 2004.

In June 2007 de Rato announced that he would resign his post in the following October, citing personal reasons. On 28 September 2007, the International Monetary Fund's 24 executive directors selected former French Minister for Economics, Finance, and Industry, Dominique Strauss-Kahn, over the former Czech Minister Josef Tošovský, to be the new Managing Director in succession to de Rato.

References

External links

Spanish Congress of Deputies
Preceded by
Title jointly held
Deputy for Cádiz province
1982 – 1986
Succeeded by
Title jointly held
Preceded by
Title jointly held
Deputy for Madrid province
1986 – 2004
Succeeded by
Title jointly held
Political offices
Preceded by
Pedro Solbes
Minister for Economic Affairs of Spain
1996 – 2004
Succeeded by
Cristóbal Montoro
Preceded by
Juan Antonio García Díez
Second Vice President of the Government of Spain
1996 – 2003
Succeeded by
Javier Arenas
Preceded by
Mariano Rajoy
First Vice President of the Government of Spain
2003 – 2004
Succeeded by
María Teresa Fernández de la Vega
Business positions
Preceded by
Horst Köhler
Managing Director of the International Monetary Fund
2004 – 2007
Succeeded by
Dominique Strauss-Kahn
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