“Developing countries said on Tuesday it was time to end the “obsolete” tradition of the International Monetary Fund always being led by a European, though France’s finance minister appeared to strengthen her lead in the race to replace Dominique Strauss-Kahn.
China, India, Brazil, Russia and South Africa, known as the BRICs, jointly criticized European officials for suggesting the next IMF head should automatically be a European.
They said the selection should be based on competence, not nationality, and in a joint statement called for “abandoning the obsolete unwritten convention that requires that the head of the IMF be necessarily from Europe.”
French Finance Minister Christine Lagarde plans to announce her candidacy on Wednesday after the European Union reached a consensus to back her, diplomatic sources told Reuters.”
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