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| Frenchman is named new IMF chief | |
| (10 minutes later) | |
| Dominique Strauss-Kahn has been formally named as the new head of the International Monetary Fund (IMF). | Dominique Strauss-Kahn has been formally named as the new head of the International Monetary Fund (IMF). |
| The appointment of the former French Socialist finance minister to the helm of the organisation had been widely expected. | The appointment of the former French Socialist finance minister to the helm of the organisation had been widely expected. |
| The only other nomination for the role was Josef Tosovsky, a former Czech prime minister, who was put up as a late candidate by Russia. | The only other nomination for the role was Josef Tosovsky, a former Czech prime minister, who was put up as a late candidate by Russia. |
| Mr Strauss-Kahn was backed by Europe and the US, which dominate the IMF. | Mr Strauss-Kahn was backed by Europe and the US, which dominate the IMF. |
| Mr Strauss-Kahn was visiting Chile when the IMF board decision was announced, in a symbolic gesture to show his desire to give emerging economies more of a voice in key decisions at the IMF. | Mr Strauss-Kahn was visiting Chile when the IMF board decision was announced, in a symbolic gesture to show his desire to give emerging economies more of a voice in key decisions at the IMF. |
| He will take up the post next month after the incumbent Rodrigo de Rato steps down, cutting short his five-year mandate for personal reasons. | |
| Tough task | |
| There has been growing criticism of the relevance of the multinational body, charged with giving financial aid and assistance to developing countries, because of the overriding influence of rich nations. | |
| It has historically been the custom that Europe picks the boss of the IMF, a practice considered unfair. | |
| Many of the IMF's 185-nation members are also unhappy with how the board and voting rights are structured. | |
| Mr Strauss-Kahn has pledged to introduce reforms to the current structure, describing the power-sharing partnership between the US and Europe as "less and less defensible". |