From BBC News:

The managing director of the International Monetary Fund (IMF), Rodrigo de Rato, is to step down in October “for personal reasons”.
Mr de Rato, Spain’s former finance minister, was appointed to his post in 2004.

His replacement will come from Europe, as traditionally the continent provides the IMF leader, while the US provides the top person at the World Bank.

Mr de Rato has predicted that global growth for 2007 would be close to 5%.

“I have taken this decision for personal reasons. My family circumstances and responsibilities, particularly with regard to the education of my children, are the reason for relinquishing earlier than expected my responsibilities at the Fund,” Mr de Rato said.

Under Mr de Rato, the IMF has taken an increasing role in what it calls “surveillance” of currencies, and has been a strong advocate of China revalunig its currency.

But it has struggled to find a role in managing global financial crises, as many Asian countries have built up large currency reserves following the Asian crisis ten years ago.