France’s Finance Minister Christine Lagarde is set to announce her candidacy to become the new head of the International Monetary Fund.
Buoyed by EU consensus and even support from China, the bi-lingual Lagarde appears to be favourite to become the world’s top banker.
China’s backing splits the group of countries known as the BRICs who question why the job should go to a European.
But a rift is opening with emerging nations over why Europe should maintain its 65-year grip on the IMF.
The job has become vacant at this crucial time in world finances after Dominique Strauss-Kahn quit to fight sexual assault charges.