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Thailand's finance minister says that next head of the International Monetary Fund should not be from Europe. His remarks come after French Minister Christine Lagarde announced her candidacy for the head of the IMF. The IMF is expected to elect a new managing director by the end of next month.

Thailand's finance minister says that the next IMF job should go to someone not from Europe.

[Korn Chatikavanji, Thai Finance Minister]:
"There is a unified voicing of emerging market opinions that it's high time the old tradition of reserving this position for a European candidate should be reconsidered."

His statement comes on the heels of French Minister of Economic Affairs Christine Lagarde announcing that she will join the race to head the International Monetary Fund on Wednesday.

The Thai finance minister said Lagarde is perfectly capable of doing the job, but the IMF should look for talent regardless of nationality.

The former head of the IMF, Dominique Strauss-Kahn, stepped down from his post earlier this month... after being arrested in New York City on sexual assault charges.

Asian countries have not put forward a candidate and their reluctance to back Lagarde could increase uncertainty over how the IMF will tackle the European debt crisis.

There is growing unease in Asian countries that some members of the IMF want to maintain the tradition of picking a European as its head, despite pledges for a more open selection process.

Lagarde announced her candidacy on the eve of a G8 leaders summit after securing the unanimous backing of the 27-nation European Union.