"debtor countries could not and should not provide the leadership because of possible conflicts of interest" - was the argument for why developing nations couldn't run the show before. Now its ignored so the EU can put its house back in order.
The IMF needs to change, whoever becomes its next chief
Whether the IMF's next head is a European woman or a man from a developing country doesn't matter – whoever it is must change the way the institution works
For more than 60 years now convention, rather than any written rules, has dictated that the appointment of heads of the Bretton Woods institutions has been controlled by the traditional global powers. The US has provided the chief of the World Bank and Europe has provided the head of the IMF. These "conventions" emerged and were entrenched during a period when these two broad groupings controlled the global economy, and polity.