Newspaper readers were treated to a rare event this morning: the decision of an asset management chief executive to take out a full-page advert explaining his view of power shifts within the International Monetary Fund and how Europe is losing out to the emerging markets.

Edouard Carmignac, chief executive and majority owner of French fund manager Carmignac Gestion, said the appointment of Christine Lagarde as head of the IMF brought: "a welcome end to the slapstick DSK media affair."