Selecting a new managing director of the International Monetary Fund is likely to prove even more challenging than in the past.

While some say this person should be an expert on the challenges facing the global monetary system, others prioritise a stronger political profile. As the IMF grapples with its outdated governance structure, which bestows too much power on Europe and the US, some observers claim this could be better tackled by appointing an official from an emerging market economy.

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