ATHENS: International Monetary Fund (IMF) First Deputy Managing Director David Lipton has revealed that the next managing director of the monetary fund will likely to come from outside Europe.
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.
