The International Monetary Fund has shortlisted French finance minister Christine Lagarde and Mexican central bank chief Agustin Carstens for the IMF’s top job, disqualifying Bank of Israel’s Stanley Fischer because of his age.

In a surprise move, the IMF board failed to support changing the IMF’s rules that would have allowed Mr Fischer (67) to run. IMF rules carry an age limit of 65 for a first-time managing director.