European nations appeared to be closing ranks behind the French Finance Minister, Christine Lagarde, to run the International Monetary Fund, trying to nip in the bud a campaign to appoint an emerging-market candidate for the first time in the organisation's 65-year history.

What a week it's been for alpha males behaving badly.

If Christine Lagarde does get the top job at the International Monetary Fund, as so many people now expect her to, she might want to cast her eyes over the by-laws of the authority, which aren't exactly what one would call inclusive – indeed, they appear to discount any chance of the French Finance Minister being appointed.

European leaders raced today to nominate a successor for fallen IMF chief Dominique Strauss-Kahn before a G8 summit next week, with French Economy Minister Christine Lagarde in pole position.

Paul Tucker, the Bank of England's Deputy Governor, was sporting what appeared to be a newish Swatch timepiece at yesterday's big bash on banking regulation. Until recently he could be seen wearing something a bit chunkier and more expensive-looking. Is he following in the footsteps of Standard Chartered boss Peter Sands, who has worn his trademark Swatch for years? And could understatement now be making a belated comeback in the City?

Christine Lagarde is, after President Sarkozy, the most recognisable face of the French government outside the country.

The IMF used to be an organisation in which the rich economies of the West bailed out the distressed economies of the emerging world. Now the position is precisely reversed.

Dominique Strauss-Kahn, who has been widely praised for his leadership of the Intentional Monetary Fund and its involvement in solving Europe's woes, resigned today to devote "all his energy" to fighting sexual assault charges in New York.

Whatever the rights and wrongs of the situation in which Dominique Strauss-Kahn currently finds himself, the US Treasury Secretary was clearly right to say he was "not in a position to run the IMF". Adding his voice to that of European officials who have hinted broadly that Mr Strauss-Kahn should step down, Timothy Geithner said directly that the IMF's executive board should designate an interim head.

Gordon Brown's hopes of becoming head of the International Monetary Fund are fading as he struggles to win support at home and abroad.

Hopes for an agreement to address the huge trade surpluses being run up by China, Japan, Germany and other successful exporters – the most important of the so-called global imbalances – were dashed even before the first G20 summit under French chairmanship got under way in Paris.