International Monetary Fund directors from China, Russia, Brazil, India and South Africa -- the so-called BRICS economies -- said that the longstanding arrangement that has allowed only Europeans to lead the IMF "undermines the legitimacy of the Fund."

"We are concerned with public statements made recently by high-level European officials to the effect that the position of managing director should continue to be occupied by a European," they said.

Copyright AFP (Agence France-Presse), 2011