Watching Germany trying desperately to fill the top IMF post, a position which has been seen as belonging to Europe, only to have to return to the drawing board when Washington decided it didn't like the look of Caio Koch-Weser, elicits a certain sympathy.

Horst Kohler may prove more successful, although it sounds as though the Italians at least remain to be convinced within Europe before the issue even gets to the larger international stage.

Results this week from the European bank for Reconstruction and Development showed a record net profit after Mr Kohler refocused its efforts by balancing risky investments with more secure ones.

That may help his chances after a US congressional special commission issued a sharp report this week accusing the IMF for policies that were too expensive, too slow and often wrong. But just how independent of the US can any IMF head be if he or she can only be put in place with its imprimatur?