#AceFinanceNews – ATHENS (Reuters) The next managing director of the International Monetary Fund is likely to come from outside Europe when current leader Christine Lagarde eventually leaves, the deputy head of the Washington-based fund said in an interview broadcast on Saturday.
IMF First Deputy Managing Director David Lipton told the BBC World Service the tradition by which a European heads the fund while an American leads the World Bank was coming under pressure and the next appointment would be “strictly merit-based”.
Described on the same radio programme as an “incredible anachronism” by former IMF Chief Economist Kenneth Rogoff, the convention that has ensured that Europeans lead the fund has been increasingly challenged during the euro zone crisis.
Lipton said that when Lagarde steps down, her successor would probably come from a non-European country.
“With candidates coming forward from around the world, I think it’s much more likely the next time around than it has ever been,” he said.
“There are more and more eminently qualified people from outside Europe and the United States and I think the fact that there’s been so much focus on crisis in the United States right at the early stages of the global financial crisis and with Europe, is going to lead to a sense that there has to be a broader pool for the leadership role,” Lipton said.
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