Major emerging economies have criticized Europe's decades-old grip on the IMF top job, as it appears that France's Finance Minister is strengthening her lead to replace Dominique Strauss-Kahn. Brazil, Russia, India, China and South Africa issued a joint statement on Tuesday criticizing the international body for suggesting that its next leader must be another European. The directors of the five countries said in their first joint statement that the choice should be based on competence and not nationality. They called for abandoning what they called the obsolete unwritten convention, but they did not suggest a representative of their own. European Union leaders, led by German Chancellor Angela Merkel, made it clear that they want another European to stay in charge of the international lender at a time when it is helping Greece, Ireland and Portugal get out of debt. French Finance Minister Christine Lagarde has emerged as a top contender for the post and is expected to announce her candidacy on Wednesday. Some European countries already have said they would support her. The United States is expected to back the choice of a European, continuing a tradition that also allows an American to run the World Bank.
News On AIR | May 25, 2011 10:11 AM
Major emerging economies criticize Europe's decades-old grip on IMF top job