The sudden drive to replace Dominique Strauss-Kahn at the International Monetary Fund, has some members pushing for a European successor who is familiar with the debt crisis afflicting the continent.

Strauss-Kahn stepped down late Wednesday after acknowledging that the sexual assault charges he is facing in the United States are problematic for himself and the IMF.

The 62-year-old French national denies the allegations and says he will devote "all his energy" to fighting the charges against him.

In the wake of Strauss-Kahn's resignation, the IMF said that John Lipsky would remain as the acting managing director of the organization while a search for a successor continues.

Without a timeline in place, it is not clear how quickly Strauss-Kahn will be replaced, though prominent European voices are calling for one of their own to take the reins.

"From a European point of view, it is essential that the appointment will be merit-based, where competence and economics and political experience play the key role," said Olli Rehn, the European Commissioner for Monetary and Economic Affairs.

"And in this current juncture it is a merit if the person has quite solid knowledge of the European economy and decision making."

German Chancellor Angela Merkel said the decision should be made quickly and she preferred another European for the job.

But other factions in developing nations want to break with the tradition that has kept Europeans in the top job since the IMF was founded after the Second World War.

"We must establish meritocracy, so that the person leading the IMF is selected for their merits and not for being European," said Brazilian Finance Minister Guido Mantega.

Peter Morici, an economist at the University of Maryland, told CTV News Channel Thursday that the IMF has a "very deep bench" of candidates to choose from, though it will be difficult to convince the Europeans to cede their traditional hold on the organization's leadership.

While there has been some speculation that Canada's own Mark Carney could be a contender, Morici said that is only a possibility if the IMF decides to compromise, additionally predicting that it will not be an American candidate.

"He might prove to be an acceptable compromise, but I would say it's a long shot," Morici said during a telephone interview from Baltimore.

In a press release, the IMF said it will soon communicate the process its executive board will use to select a new managing director.

The Economist has published a list of London bookmaker William Hill's odds on who will be the next IMF chief.

Carney is in the middle of the pack with listed odds of 10:1, putting him in a tie with Lipsky. Former Turkish finance minister Kemal Dervis tops the list with 5:2 odds.

With files from The Associated Press