The resignation of disgraced IMF Dominique Strauss-Kahn has sparked off a global scramble to land the top job in the IMF.

There have already been some names put forward and the usual suspects’ faces have all been posted all over the internet, but this time round, it seems that there is pressure from China, India and others to have a candidate from a developing economy be given the job.

Germany, which has a strong voice within the IMF, has demanded that the next head be a European. China, which is taking ever bolder steps on the world stage, has said that the selection process should be based on merit and transparency. Europeans have led the IMF since its inception after World War II. Americans have occupied both number 2 position at the IMF and the top post at its sister institution, the World Bank. The World Bank funds projects in developing countries.

The IMF is empowered to redirect billions of euros and dollars as it sees fit, in order to stabilise the global economy.

Analysts believe that the actual name on the office door will not be that important, and the ‘fight’ will more than likely focus on where that person comes from. One must not forget, that in this context, China is the largest IMF bond holder at present.

The names that have been put forward include former British Prime Minister Gordon Brown, Israeli Central Bank Governor Stanley Fisher, Egyptian PIMCO CEO Mohamed El-Erian, Former German Finance Minister Peer Steinbruek, Former German Bundesbank Chairman Axel Weber, the Indian OM’s economic advisor Montek Singh Ahluwalia, Former Turkish Economy Minister Kemal Dervis, French Finance Minister Christine Lagarde, former South African Finance Minister Trevor Manuel and governor of the Mexican Central Bank Agustin Carstens.

Some of the names, such as Lagarde, Weber, Fisher and Brown stand out, mostly because they are known in Europe. The other names are less well-known, and offer, perhaps, a different perspective. Some analysts have commented that a European head is essential, because Europe is mired in debt problems and familiarity with the cause will help steer out the continent towards recovery and eventual growth.

Outsiders, on the other hand, believe that a shake-up of the IMF is due and a non-European head might be a better choice, as it would give a more global feel to the organisation, and would also help eliminate ‘preferential’ treatment given to European economies.

Whatever the case may be, after the DSK incident, the IMF will more than likely appoint a candidate who is reserved, understated and reliable – perhaps in the mould of EU President Hermann Van Rompuy – rather than a charismatic and unpredictable character such as Strauss-Kahn. From respected IMF head and possible Presidential candidate to being kept on remand in Ryker’s Island. My, how quick and hard the fall from grace. The old adage is certainly true; the bigger they are, the harder they fall.