CHRISTINE LAGARDE IMF MD

29 Jun, 2011

IMF Executive Board Selects Christine Lagarde as Managing Director

The Executive Board of the International Monetary Fund (IMF) has selected Christine Lagarde to serve as IMF Managing Director and Madame Chairman of the Executive Board for a five-year term starting on July 5, 2011. Ms. Lagarde, who succeeds Mr. Dominique Strauss-Kahn, is the first woman named to the top IMF post since the institution’s inception in 1944. 

The selection of Ms. Lagarde by the 24-member Executive Board representing the IMF’s 187 member countries brings to conclusion the selection process initiated by the Executive Board on May 20, 2011. According to the agreed procedures, the Board had agreed to meet with Mr. Agustín Carstens and Ms. Lagarde for the post. The candidates met bilaterally with Executive Directors, as well as the Executive Board, during June 20-23, 2011. In these meetings, Mr. Carstens and Ms. Lagarde had the opportunity to present all relevant information concerning their specific candidacies.

The Executive Board agreed that both were well qualified candidates and the objective was to select one by consensus. Based on the candidate profile that had been established, the Executive Board, after considering all relevant information on the candidacies, proceeded to select Ms. Lagarde by consensus. The Executive Board looks forward to Ms. Lagarde effectively leading the International Monetary Fund as its next Managing Director.

The Managing Director is the chief of the IMF’s operating staff and Chairman of the Executive Board. The chief executive is assisted by three Deputy Managing Directors in the operation of the Fund, which serves 187 member countries through about 2,700 staff from more than 140 countries. 

Commenting on her appointment in a statement, Ms. Lagarde said: “The Executive Board of the International Monetary Fund has just selected me to succeed Dominique Strauss-Kahn as Managing Director for a five-year term, starting on July 5. I am deeply honoured by the trust placed in me by the Executive Board. I would like to thank the Fund’s global membership warmly for the broad-based support I have received. I would also like to express my respect and esteem for my colleague and friend, Agustín Carstens.

“The IMF has served its 187 member countries well during the global economic and financial crisis, transforming itself in many positive ways. I will make it my overriding goal that our institution continues to serve its entire membership with the same focus and the same spirit. As I have had the opportunity to say to the IMF Board during the selection process, the IMF must be relevant, responsive, effective, and legitimate, to achieve stronger and sustainable growth, macroeconomic stability, and a better future for all.”

Ms. Lagarde, 55, a national of France, has been the Minister of Finance of France since June 2007. Prior to that, she served as France’s Minister for Foreign Trade for two years. Ms. Lagarde also has had an extensive and noteworthy career as an anti-trust and labor lawyer, serving as a partner with the international law firm of Baker & McKenzie, where the partnership elected her as chairman in October 1999. She held the top post at the firm until June 2005 when she was named to her initial ministerial post in France. Ms. Lagarde has degrees from Institute of Political Studies (IEP) and from the Law School of Paris X University, where she also lectured prior to joining Baker & McKenzie in 1981.

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