Forex Trading News – Will next IMF Chief be another European?

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After fallen IMF Chief Dominique Strauss-Kahn officially resigned from his position, the race was on for the top job. The question now is who will succeed Strauss-Kahn and from which part of the world?

Europeans are struggling to keep a grip on the top job, however, emerging markets are also vying to end European rule.

European leaders, particularly German Chancellor Angela Merkel, proposes that the next successor must be a European since the IMF is actively involved in dealing with the debt problems in the Eurozone.

There is increasing speculation that French Finance Minister Christine Lagarde is a front runner for the position. Jean-Claude Juncker, who chairs euro zone finance ministers, and Italian Prime Minister Silvio Berlusconi endorsed Lagarde on Thursday.

Meanwhile, emerging economies, as well as the United States are rallying to place their own and break the tradition.

A quick decision to nominate a candidate has to be made before the upcoming G8 meeting in the French seaside resort of Deauville on May 26-27.