The International Monetary Fund (IMF), the world's most influential financial institution, has a new boss. Ms. Christine Lagarde, France's finance minister until her appointment last week, replaces Mr. Dominique Strauss-Kahn, who stepped down amidst allegations of sexual assault. Ms. Lagarde's selection — she is the first woman to head the Fund — is a victory for proponents of change at the IMF.
Real change demands the end to the holding of positions for particular regions: The IMF must become a genuine meritocracy in which the best-qualified person gets a job, regardless of his or her passport.
Traditionally, the top job at the IMF goes to a European, as Europe and the United States have divvied up the top posts at the two leading financial institutions: A European heads the IMF and an American takes the World Bank. But the growing clout of emerging economies has demanded a reconsideration of those traditions.