Frenchman takes IMF helm with promise of reform

"Historically we have been used to thinking of Washington being the blockage, but right now the blockage is in fact in Europe," said Domenico Lombardi, president of the Oxford Institute for Economic Policy, which aims to bridge the gap between academic and policymakers.

With China and India driving the world's economic expansion and concern increasing about the growth prospects in the United States and Europe, developing countries are demanding a greater stake in the institution that overseas global financial stability.

While the United States is holding on to its veto power over decisions in the IMF, it has said it will not seek an increase in its voting power.