Horst Kohler, the president of European Bank for Reconstruction and Development, has emerged as the new European candidate to run the world's most important financial institution.

BBC: New candidate for IMF boss

The disquiet that was expressed by IMF Managing Director Horst Kohler about the euro, followed later in the week by co-ordinated action to prop up the currency, was a sign of the worries shared now by all countries - about the possible consequences of sharp changes in exchange rates for world growth.

BBC: The Lessons of Prague