Business Maverick: Lagarde’s Exit Reopens the Question: Why Does a European Always Lead the IMF?

Since its founding in 1945, the Washington-based lender has always been run by a European as part of an unwritten understanding that means an American helms the World Bank. That arrangement lived on earlier this year when former U.S. Treasury official David Malpass became president of the World Bank.

That conversation will almost certainly start anew in coming days with the announcement that Lagarde is in line to become the next president of the European Central Bank and so would leave the IMF before her current term ends in 2021. That European governments swiftly endorsed Trump’s selection of Malpass may though mean the U.S. president is willing to back their choice for the IMF.

When Lagarde was handed a second term in 2016 her candidacy went unopposed, but when she first sought the job in 2011 there were other contestants. Emerging economies failed to rally behind a single figure, allowing Lagarde to easily beat out Agustin Carstens, then Mexico’s central bank governor.

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