DSK: The inconvenient resignation

The Monday after New York police arrested DSK on May 14, he was to meet German Chancellor Angela Merkel about the difficulties in Europe. He would miss that appointment. On Wednesday, Germany joined the line of European leaders to support Christine Lagarde in her bid to head the IMF.

French Finance Minister Lagarde had earlier in the day formally put in her bid to succeed Strauss-Kahn, himself a former French finance minister.

Beyond tradition, Europe has laid claim to the pressing need to retain its hold on the IMF job. Strauss-Kahn had been working on a rescue package for Greece, now certified a sovereign risk.

Spain could next join the endangered list occupied by Portugal and Ireland, followed by Italy, a member of the Group of Eight industrial countries now meeting in Deauville, France. High on the list of discussion over meals and coffee break in Deauville will be a consensus candidate to head the IMF.

Other claims to the job have been made the world over, not least Australia, citing its place in Asia. Former Treasurer (finance minister) Peter Costello has been among the names put forward. Costello is also credited as a founding member of the Group of 20 developed and developing nations.

Another proposition is the former governor of the Reserve Bank of Australia, Ian Macfarlane.

The IMF board opened applications for nominations on May 23, citing a process including a shortlist of candidates to take place in "an open, merit-based and transparent manner", to be completed by June 30.

Emerging economies have long wanted more say in how global finance is run. The global financial crisis of 2008 lent urgency to change. The transformed reality of an anachronistic tradition merits deliberation of IMF leadership beyond the myopic strains in Europe.