Dominique Strauss-Kahn has resigned as the International Monetary Fund (IMF) managing director after been charged with sexually assaulting a woman in a New York hotel. Among the names suggested as his successor is that of Zhu Min, special adviser to the IMF chief and former deputy governor of China's central bank, says an article in Shanghai Business. Excerpts:

The job of the IMF managing director is to promote international monetary cooperation and balanced development of international trade. So the IMF chief should have special qualities like excellent diplomatic skills in mediation and negotiations and impartiality to act in the interest of all 187 member countries, all of which Zhu Min has.

But according to convention, the IMF chief should be a European. Since some European countries are suffering from sovereign debt crisis and IMF is helping them deal with the problem, many European leaders want the convention to continue.

Western economies' share in the world economy, however, is declining, so it will be impossible for the West to maintain its dominance over international monetary and financial institutions.

The IMF underwent some reform at the end of last year, granting greater voting rights to emerging economies. China's voting share, for instance, has increased from 3.65 percent to 6.07. But this still is far from enough.

The European Union still has 29 percent of the votes in the IMF, though its share of the world economy has dropped to 20 percent.

On the other hand, China has just 6.07 percent of the votes, even though it makes up 14 percent of the world economy.

But that does not mean Zhu will be the next IMF chief. It is possible, though, that the next IMF chief will be from another BRICS or developing country. At least that would reduce the complaints of the emerging and developing nations against the IMF's over-enthusiasm to help European countries.