IMF chief Lagarde_311.
(photo credit: Reuters)
French Finance Minister
Christine Lagarde said she was "deeply honored" to have been
picked as the new IMF chief, and President Nicolas Sarkozy
called the news "a victory for France."
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Lagarde said in a statement she would make it her goal that
the international lender continue in the same focus and spirit
as in the past, looking to achieve "stronger and sustainable
growth" and "macroeconomic stability.
Lagarde was elected Tuesday as the managing director of the International Monetary Fund, maintaining Europe's grasp on the top job at the global lender.
She begins her five-year term July 5 amid an escalating debt crisis in Europe and growing fears that Greece will default. "The executive board, after considering all relevant information on the candidacies, proceeded to select Ms. Lagarde by consensus," the IMF said in a statement.
Lagarde, 55, is the first woman to lead the IMF, succeeding Dominique
Strauss-Kahn, who resigned in May
defend himself against charges of sexual assault against a hotel maid in
Lagarde's victory over Mexico's
Central Bank Governor Agustin Carstens
was assured after the United States made its support clear and emerging
market economies China, Brazil and Russia did the same.
She will have to immediately deal with an IMF-European Union effort to
keep debt-stricken Greece afloat and focus on potentially thorny IMF
"spillover reports" that analyze the economic and policy actions of the
world's major economies.
"Minister Lagarde's exceptional talent and broad experience will provide
invaluable leadership for this indispensable institution at a critical
time for the global economy," US Treasury Secretary Timothy Geithner
said in a statement.