No challenge to European at IMF - Paulson

The American Secretary of the Treasury, Henry Paulson, says the United States will not challenge the long-standing tradition of allowing European countires to select the new managing director of the International Monetary Fund.

Following the surprise resignation of Rodrigo De Rato, a Spanish national, from the top job at the Fund, the rumour mills are turning as to who will replace him when he vacates the position later this year.

Traditionally, the head of the Fund is a European national, whil