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BRICS consider their own candidate for top World Bank job

They're considering their own candidate for the top spot at the World Bank.

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International Monetary Fund Managing Director Christine Lagarde at a G20 finance ministers and central bank governors meeting event in Mexico City, on February 25, 2012. (Ronaldo Schemidt/AFP/Getty Images)

The world's leading emerging market economies are challenging tradition.

Financial leaders from the BRICS on Saturday said they will consider putting forward their own candidate to take over as president of the World Bank when Robert Zoellick leaves later this year, Reuters reported.

The news agency said financial leaders from Brazil, Russia, India, China and South Africa met on the sidelines of a G20 meeting in Mexico City where they agreed the top spot should be open to candidates from all countries.

Brazilian Finance Minister Guido Mantega told reporters "candidates should be based on merit and not on nationality," Reuters said.

Indian officials had a similar view when the International Monetary Fund presidency shifted to former French finance minister Christine Lagarde, the Economic Times reported.

Emerging market nations have been seeking more clout on the international economic stage as their economies have boomed. While tradition dictates an American head the World Bank and a European the International Monetary Fund, emerging market countries are increasingly challenging those norms.

More from GlobalPost: BRICS consider their own multilateral development bank

Countries have until March 23 to submit candidate names for the top World Bank spot. A decision is expected by the time the World Bank and International Monetary Fund meet in April.

The US hasn't yet said who it will nominate to replace Zoellick. It has said it intends to make a nomination and floated a few names, including former US Treasury Secretary Lawrence Summers and Secretary of State Hillary Clinton. 

More from GlobalPost: Thousands sign web petition against Larry Summers at World Bank

http://www.globalpost.com/dispatch/news/business-tech/emerging-markets/120226/brics-world-bank-president