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Strauss-Kahn resigns: Global fight for IMF top job Strauss-Kahn resigns: Global fight for IMF top job
(about 1 hour later)

Possible IMF successors

Possible IMF successors

There is a range of possible contenders for the top job at the International Monetary Fund. Find out about some of themThere is a range of possible contenders for the top job at the International Monetary Fund. Find out about some of them

Stanley Fischer

Stanley Fischer

Israel's central bank governorIsrael's central bank governor
Israel/United StatesIsrael/United States
Mr Fischer, 67, knows the IMF well having served as the first deputy managing director at the fund from 1994 to 2001. A world-renowned economist, he has written more than a dozen books and headed the prestigious economics department at the Massachusetts Institute of Technology.Mr Fischer, 67, knows the IMF well having served as the first deputy managing director at the fund from 1994 to 2001. A world-renowned economist, he has written more than a dozen books and headed the prestigious economics department at the Massachusetts Institute of Technology.

Mohamed El-Erian

Mohamed El-Erian

CEO of bond investor PIMCOCEO of bond investor PIMCO
Israel/US/Egypt/FranceIsrael/US/Egypt/France
Mr El-Erian, 52, has twice been put forward for the IMF job by Egypt's representative at the fund. An expert on emerging market debt, he worked at the IMF for 15 years in the 1980s and 1990s, before joining a major US bank in London. However, as his ex-wife is a senior IMF official, he is an outsider.Mr El-Erian, 52, has twice been put forward for the IMF job by Egypt's representative at the fund. An expert on emerging market debt, he worked at the IMF for 15 years in the 1980s and 1990s, before joining a major US bank in London. However, as his ex-wife is a senior IMF official, he is an outsider.

Peer Steinbrueck

Peer Steinbrueck

Former German finance ministerFormer German finance minister
GermanyGermany
Mr Steinbrueck, 62, is a long-shot to become IMF chief, in part because he alienated allies of Germany with his fiery rhetoric while serving as finance minister in conservative Chancellor Angela Merkel's "grand coalition" from 2005 to 2009. He also alienated the United States by openly blaming it for the global financial crisis.Mr Steinbrueck, 62, is a long-shot to become IMF chief, in part because he alienated allies of Germany with his fiery rhetoric while serving as finance minister in conservative Chancellor Angela Merkel's "grand coalition" from 2005 to 2009. He also alienated the United States by openly blaming it for the global financial crisis.

Axel Weber

Axel Weber

Former head of BundesbankFormer head of Bundesbank
GermanyGermany
Mr Weber, 54, stunned Europe by announcing in February that he would be stepping down early from his post as head of the German central bank, the Bundesbank. Like Mr Steinbrueck, Mr Weber has a reputation as something of a loose cannon, who speaks his mind without regard to political or diplomatic constraints.Mr Weber, 54, stunned Europe by announcing in February that he would be stepping down early from his post as head of the German central bank, the Bundesbank. Like Mr Steinbrueck, Mr Weber has a reputation as something of a loose cannon, who speaks his mind without regard to political or diplomatic constraints.

Montek Singh Ahluwlia

Montek Singh Ahluwlia

Economic adviser to India's PMEconomic adviser to India's PM
IndiaIndia
Mr Ahluwalia, 67, is an influential economic adviser to Indian Prime Minister Manmohan Singh and has been a key figure in the country's economic reforms from the mid-1980s onwards. He supports open markets and has pushed the government to end fuel price controls and remove barriers to foreign business. His age may count against him.Mr Ahluwalia, 67, is an influential economic adviser to Indian Prime Minister Manmohan Singh and has been a key figure in the country's economic reforms from the mid-1980s onwards. He supports open markets and has pushed the government to end fuel price controls and remove barriers to foreign business. His age may count against him.

Kemal Dervis

Kemal Dervis

Former economy ministerFormer economy minister
TurkeyTurkey
Mr Dervis is credited with bringing Turkey back from the brink after a disastrous 2001 financial crisis, by pushing through tough reforms and helping secure a multi-billion dollar IMF bail-out. He had previously risen to vice-president at the World Bank. Seen as a leading candidate if the IMF post goes to someone outside central Europe.Mr Dervis is credited with bringing Turkey back from the brink after a disastrous 2001 financial crisis, by pushing through tough reforms and helping secure a multi-billion dollar IMF bail-out. He had previously risen to vice-president at the World Bank. Seen as a leading candidate if the IMF post goes to someone outside central Europe.

Christine Lagarde

Christine Lagarde

French finance ministerFrench finance minister
FranceFrance
If the post does end up going to a European, French Finance Minister Christine Lagarde, 55, looks like a top candidate. A flawless English speaker, she was voted best finance minister in Europe by the Financial Times in 2009. Counting against her is her nationality since so many previous IMF chiefs have been French.If the post does end up going to a European, French Finance Minister Christine Lagarde, 55, looks like a top candidate. A flawless English speaker, she was voted best finance minister in Europe by the Financial Times in 2009. Counting against her is her nationality since so many previous IMF chiefs have been French.

Trevor Manuel

Trevor Manuel

Ex Finance ministerEx Finance minister
South AfricaSouth Africa
Mr Manuel, 55, is well-respected in global financial circles, having served as finance minister of South Africa from 1996 to 2009. Born in Cape Town under apartheid, he was imprisoned repeatedly by the South African government for political activities in the late 1980s.Mr Manuel, 55, is well-respected in global financial circles, having served as finance minister of South Africa from 1996 to 2009. Born in Cape Town under apartheid, he was imprisoned repeatedly by the South African government for political activities in the late 1980s.

Agustin Carstens

Agustin Carstens

Governor Bank of MexicoGovernor Bank of Mexico
MexicoMexico
Mr Carstens, 52, has spent most of his professional career as an economic policymaker in his home country, becoming governor of the Bank of Mexico in January of last year after previously serving as the bank's chief economist. He had a successful stint at the IMF from 2003 to 2006.Mr Carstens, 52, has spent most of his professional career as an economic policymaker in his home country, becoming governor of the Bank of Mexico in January of last year after previously serving as the bank's chief economist. He had a successful stint at the IMF from 2003 to 2006.

Gordon Brown

Gordon Brown

Former UK Prime MinisterFormer UK Prime Minister
BritishBritish
The 60-year old former UK prime minister and finance minister has long been seen as a candidate for the IMF job or another big international financial post. But his successor David Cameron - whose support he would need - has dismissed him as a "deficit denier", adding that it was time to look beyond Europe.The 60-year old former UK prime minister and finance minister has long been seen as a candidate for the IMF job or another big international financial post. But his successor David Cameron - whose support he would need - has dismissed him as a "deficit denier", adding that it was time to look beyond Europe.
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The resignation of Dominique Strauss-Kahn has left a vacancy at the top of the International Monetary Fund, and analysts say emerging economies are expected to fight hard for a chance to increase their influence on the global stage. The list of potential candidates to replace Dominique Strauss-Kahn as head of the International Monetary Fund is growing fast amid a battle between central European and emerging economies over who should get the top job.
That could pit the fast-growing markets of Asia and Latin America against Europe. Angela Merkel, the German chancellor, is among European leaders who favour a European for the post, but emerging economies are expected to fight hard for a chance to increase their influence on the global stage.
European officials, however, say the debt problems in the region mean the replacement for Mr Strauss-Kahn should come from Europe. The list of names from European countries include the current French finance minister, Christine Lagarde and Germany's former banking chief Axel Weber.
South Africa's finance minister has called for someone from a developing country to be given the opportunity to run the IMF. From developing countries, South Africa's finance minister Trevor Manuel and Turkey's former minister of economic affairs, Kemal Dervis, have been widely mentioned.
"Such a candidate will bring a new perspective that will ensure that the interests of all countries, both developed and developing, are fully reflected in the operations and policies of the IMF," said Pravin Gordhan. The IMF has been reforming its structure to give more power to countries outside the G7, but the current rules still give a stronger voice to richer countries.
The IMF has traditionally been led by a European, while the World Bank has had US leadership.
"There is growing disquiet, particularly among emerging nations, about this division of roles," said Jan Randolph, head of sovereign risk analysis at IHS Global Insight.
He says China could use its influence to support an emerging market candidate for the top IMF job.
"China is the biggest new IMF bondholder. Its huge financial contribution in 2008 effectively tripled the size of the IMF's lending power during the financial crisis." Mrs Merkel said it was not the right time to change the status quo.
That financial might is coming into focus as developing countries start taking a larger share of the global economy. "Developing nations are within their rights in the medium term to occupy the post of either IMF head of World Bank chief. But I think that in the current situation, with serious problems with the euro and the IMF strongly involved, there is a lot in favour of a European candidate being put forward."
The 187-member countries of the IMF have weighted votes. Since the body's inception this system has given most of the power to the developed countries of the G7 - the US, UK, Germany, France, Canada, Italy and Japan - although the organisation has been trying to reform its voting system to better reflect the shape of the world economy today. The IMF has traditionally been led by a European, while the World Bank has had US leadership.
The managing director of the IMF is confirmed by its executive directors, who in turn are appointed or elected by member countries. But developing countries, with increasing amounts of economic power, are unlikely to stand by.
The Brazilian Finance Minister,Guido Mantega, warned: "We must establish meritocracy, so that the person leading the IMF is selected for their merits and not for being European."
The managing director of the IMF is appointed by its 24 executive directors for a term of five years.
They can nominate candidates from any member countries, not just their own. The final decision is likely to be reached by consensus as the IMF prefers this to formal votes.
The US, Japan, Germany, France and the UK are all guaranteed directorships. The other 19 executive posts are elected by the remaining 182-member countries.
Since the IMF's inception the system has given most of the power to the developed countries of the G7 - the US, UK, Germany, France, Canada, Italy and Japan.
But recent changes mean there will soon be two fewer European board members to try to boost the powers of developing nations.
Talented fieldTalented field
A number of names of potential candidates for the top job are already in circulation.
The IMF's current acting managing director, Mr Strauss-Kahn's deputy John Lipsky, has already said he will step down in August, when his term ends.The IMF's current acting managing director, Mr Strauss-Kahn's deputy John Lipsky, has already said he will step down in August, when his term ends.
The highest-profile potential candidate for the job is France's finance minister, Christine Lagarde. Other possible European candidates include the former UK prime minister, Gordon Brown, and Peer Steinbrueck a former German finance minister.
Other possible developed world candidates include the former UK prime minister, Gordon Brown, the outgoing European Central Bank president, Jean-Claude Trichet, the former head of the German central bank, Axel Weber, and Peer Steinbrueck, a former German finance minister. According to former IMF official Eswar Prasad, potential candidates from developing world economies also include Singapore's finance minister Tharman Shanmugaratnam, Montek Singh Ahluwalia of India and Agustin Carstens of Mexico.
According to former IMF official Eswar Prasad, potential candidates from developing world economies include Singapore's finance minister Tharman Shanmugaratnam, former South African finance minister Trevor Manuel, and Turkey's former minister of economic affairs, Kemal Dervis. At this stage, the list is very tentative. Some names being touted are unlikely to even be considered.
Others include Israel's central bank governor, Stanley Fischer, who has held a senior post at the IMF in the past, Mohamed El-Erian, who has also worked for the IMF and is now the chief executive of the bond-investing powerhouse Pimco, and Montek Singh Ahluwalia of India and Agustin Carstens of Mexico. IMF rules state that no one should be appointed to the post of managing director who is 65 or older and that no one should hold the post beyond the age of 70, something that seems to rule out the outgoing European Central Bank president, 68-year old Jean-Claude Trichet, Israel's central bank governor Stanley Fischer, who is 67 and Indian government adviser Montek Singh Ahluwalia, who is also 67.
The BBC's economics editor, Stephanie Flanders, says the job is still most likely to go to a European, despite the pressure to give wider representation to newly powerful countries.The BBC's economics editor, Stephanie Flanders, says the job is still most likely to go to a European, despite the pressure to give wider representation to newly powerful countries.