The resignation of the International Monetary Fund managing director, Dominique Strauss-Kahn, has ignited debate worldwide as to where the next leader of the institution should come from.

Although Europeans insist on ruling the IMF, there are also voices that have advocated a representative from an emerging country. Mike Weber tells us more.

The world's emerging economic powers are hoping to see a brave new IMF.

Divisions emerged across the world as who should take Dominique Strauss-Kahn's place, when the former managing director stepped down.

Following a decades-old practice, which automatically dictates an European person to head the Fund, Europe is uniting behind Christine Lagarde, the French finance minister.

However,developing countries like China, India and Brazil have called for an end to Europe's 65-year monopoly of the IMF's top job.

An overhaul of the IMF is also demanded as the long-term problems of the institution were fully exposed in dealing with the global financial crisis.

BRICS countries point out that "the recent financial crisis which erupted in developed countries, underscored the urgency of reforming international financial institutions so as to reflect the growing role of developing countries in the world economy."

BRICS say no one can deny emerging economies' role in changing the world economic landscape in the past few decades.

China has become an important funds provider to the IMF.

After the onset of the financial crisis, China tripled its shares in the IMF.

As the world's second-largest economy, China's voting shares rank only sixth in the IMF, far behind the US, Japan and Germany.

At the same time, the voting shares of some rich and small European economies in the IMF are seriously overvalued.

The good news is that the IMF board has agreed to boost the voting power of big emerging economies and make China the third leading voice in the global lender.

As a result, emerging economic powers will have more active role in the decision-making process.

Many believe the selection of the IMF's new head is an opportunity to start a new chapter for the financial institution, led by a reformer who will not allow himself or herself to stand in the way of historic changes.