Strauss-Kahn became the front runner in the race to become Managing Director of the IMF, with the support of the 27-nation European Union, the United States, China and most of Africa. On 28 September 2007, the International Monetary Fund's 24 executive directors selected him as the new managing director. Strauss-Kahn replaced Spain's Rodrigo Rato. On 30 September 2007, Dominique Strauss-Kahn was formally named as the new head of the International Monetary Fund (IMF). The only other nominee was the Czech Josef Tošovský, a late candidate proposed by Russia. Strauss-Kahn said: "I am determined to pursue without delay the reforms needed for the IMF to make financial stability serve the international community, while fostering growth and employment". Under Strauss-Kahn the IMF's pursuit of financial stability included calls for a possible replacement of the dollar as the world's reserve currency. An IMF report from January 2011 called for a stronger role for special drawing rights (SDR) in order to stabilize the global financial system. According to the report, an expanded role for SDRs could help to stabilize the international monetary system. Furthermore, for most countries (except for those using the US dollar as their currency) there would be several advantages in switching the pricing of certain assets, such as oil and gold, from dollars to SDRs. For some commentators, that amounts to a call for a "new world currency that would challenge the dominance of the dollar".