Non-European IMF boss likely

THE next managing director of the International Monetary Fund (IMF) would probably come from outside Europe when current leader Christine Lagarde eventually left, the deputy head of the Washingtonbased fund said on Saturday. IMF first deputy managing director David Lipton told the BBC World Service the tradition by which a European headed the fund while an American led the World Bank was coming under pressure and the next appointment would be “strictly merit-based”. Described as an “incredible anachronism” by former IMF chief economist Kenneth Rogoff, the convention that ensured Europeans lead the fund had been increasingly challenged during the euro zone crisis. Lipton said: “I think the fact that there’s been so much focus on crisis in the US… and with Europe, is going to lead to a sense that there has to be a broader pool for the leadership role.” – Reuters