Troubled IMF needs changes

The arrest of Dominique Strauss-Kahn on charges of sexual assault was followed by his resignation as managing director of the International Monetary Fund (IMF). This has sparked a race for his successor, one of the world's top two finance posts.

European leaders were quick off the mark, arguing that a European should occupy the post again according to the old but discredited tradition. It has been increasingly recognized that the convention of a European IMF managing director and an American World Bank president can no longer be justified.

People for the two posts should be selected from any country according to merit, not on the basis of being Europeans or Americans, which is a colonial or neo-colonial principle.