The nationality of the technocrat who runs the International Monetary Fund should not matter much to anyone. But if the Brics think it matters, then it matters. The deal by which the US runs the World Bank and a European the IMF has long been an “obsolete unwritten convention,” to borrow the words of the fund’s executive directors from Brazil, Russia, India, China and South Africa. Now that this is an issue, it will be far harder for the European succession to continue, whatever the merits of France’s Christine Lagarde, who has declared her candidacy.

Countries in Africa or South America now have a practical alternative to the IMF. If they do not like the terms on offer, they can ask for funds from the likes of China. Politically, this might be a more palatable alternative for leaders under stress.

Along with its European leadership, the IMF’s brand is under challenge. The fund is understandably still unpopular in south-east Asia for the aggressive stance it took over the 1997 crisis under Frenchman Michel Camdessus. Another French leader now could further undermine the fund’s moral authority.