IMF process for selecting Start new head

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WASHINGTON-the International Monetary Fund executive board meeting on Thursday, the process of selecting a new leader, Dominique Strauss-Kahn, replace resigned amid allegations that he maid Hotel rape start.

"We want to do this as quickly as possible," said that the IMF trade Managing Director John Lipsky at the annual meeting of the Bretton Woods Committee, the IMF and the World Bank advises.

His comments came shortly after Treasury Secretary Timothy Geithner the IMF a new boss in an open procedure select calls quickly. The United States, the IMF is the largest stakeholder.

Lipsky took over this week by Strauss-Kahn, who has denied the charges and has vowed, they fight with "all his energy." Strauss-Kahn, 62, was formally accused against Thursday.A Manhattan Supreme Court judge him bail granted, when he on $1 million with an insurance bond of $ 5 million. He was under house arrest provided 24-hours in New York City with electronic monitoring.

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"I that may deeply regret, who needed it for me, substitute for General Manager of the Fund," said Lipsky.

Strauss-Kahn resignation set up a scramble, his successor to choose. He is widely praised for his leadership and efforts to solve Europe's debt crisis

Traditionally, the head of the IMF is a European while an American of the World Bank was running. Developing countries have long at this arrangement rubbed and ply officials from their countries of this time be taken into account.

The United States play a crucial role in the selection. The U.S. has more votes than any other individual country although collective Europe has the most weight.

Geithner statement is ambiguous and leaves open the possibility that a candidate of the two groups could support the United States. Some analysts said that the Government make their preference more behind the scenes and in a more impartial attitude in the public.

Lipsky stressed that the work of the IMF is gone this week despite the uncertainties of Strauss-Kahn. He said, on the IMF Executive Board, in addition to dealing with the search for a successor, had a meeting for Friday an emergency loan program for Portugal, one of the three European Nations assess their large debt burden they have planned again required to the IMF for help.

Lipsky said that the IMF "unique challenges of the moment." is, but it has a highly qualified staff that can fully carry on the work of the Organization, he said.

"The head of Department best is our Squad, which has had this institution at all," said Lipsky.

The IMF is strongly involved in delicate negotiations on financial support for troubled European countries such as Greece, Portugal and Ireland. The European governments are coalescing behind French Finance Minister Christine Lagarde as a leading candidate to replace Strauss-Kahn.

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Lipsky said that Europe and the International Monetary Fund should continue to reform efforts in euro zone countries compared with government bonds crisis support.

Europe set its traditional claim to the post itself as a fast-growing to find Nations as China and Brazil said, it's time to break this monopoly, and an IMF Chief of a developing country.

Hours after Strauss-Kahn resignation, any of the European Commission to the German Chancellor, the French Finance Minister said replacement should come from Europe. Not because of the tradition, they insisted, but because knowledge of the debt crisis in Europe a critical element portfolios should be any candidate.

"From a European point of view, it is essential that the appointment of merit-based, where economic and political experience and competence play the key role", said Olli Rehn, EU Commissioner for monetary and economic affairs. "And at this current time, it is one of the merits, if the person has very solid knowledge of the European economy and decision making."

Still, there's no indication when a decision is taken. But a meeting of the G-8-a group of eight developed countries - will be France next week in the seaside resort of Deauville, and it will be all important decision-makers.

The IMF Executive Board released a letter from Strauss-Kahn on Wednesday in which he denied said the accusations against him but that he felt he must resign to protect his family and the IMF.

Germany's former Federal Reserve Chairman, Axel Weber, include other potential European candidates the head of Europe's bailout Fund, Klaus Regling. and Minister of finance peer Steinbruck, German.

Candidates from other countries are former Finance Minister of Turkey, Kemal Dervis; Singapore's Finance Chief, Tharman master's degree; and Indian Economist Montek Singh Ahluwalia.

The associated press and Reuters contributed to this report.