France’s finance minister, Christine Lagarde, is the new managing general of the International Monetary Fund after winning the late support of the US and Russia.
The IMF’s executive board officially voted overwhelmingly for her over Mexico central banker Agustín Carstens at a meeting in Washington DC.
Ms Lagarde already had the support of Europe, China and Brazil, giving her the clear majority from the 24 countries sitting on the board.
The appointment ends a five-week selection process to replace Dominique Strauss-Kahn, who resigned last month after being indicted on sexual assault charges for an incident in New York hotel.
She will be the first woman in the role and the 11th consecutive European. She was considered a certainty for the job because of an unwritten agreement between the US and Europe on appointment of top positions at the IMF and World Bank.
Ms Lagarde, who is already playing a critical role in negotiating financing for Europe's sovereign-debt bailouts, will now be heading the world’s leading economic organisation at a critical time for the global financial system.
Despite her lack of formal economic qualifications (she is a lawyer), Ms Largarde’s political skills could prove invaluable in managing the Europe's sovereign-debt crisis, pushing forward the Group of 20's economic agenda of re-balancing the global economy, and overseeing governance restructuring at the IMF that gives developing countries more power.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Serco's prison report challenge: Hide and Davis go head-to-head
- Tech expert's complaint about 'snake oil' ad upheld
- iPredict closing down due to money laundering risk
- Xero directors Drury, Winkler and Morgan cash in on 35% share price rally
- Dunne warns of 'consequences' if Maori Party supports RMA reform
Most listened to
- “A very ballsy thing to do” – Rodney Hide and Kelvin Davis discuss Serco’s response to Correction’s Mt Eden Prison report
- “The response from shareholders has been overwhelming” — A2 Corporation chief executive Geoff Babidge
- Greg Gent says a board of 13 people is "prehistoric"
- Arvida CEO Bill McDonald on his company's half-year net profit
- Lance Wiggs on the future of food exports
- Auckland Councillor Chris Darby on the Council's alternative funding report
- Nevil Gibson discusses his latest Editor's Insight on oil prices
- Campbell Gibson, Nick Grant and Chelsea Armitage chat about the inner workings of New Zealand media
- Paul Brislen discusses the 'snake oil' sales tactics of SalesConcepts
- Fonterra chief executive Theo Spierings reveals his ambitious China plan
- UDC Finance chief executive Wayne Percival talks about the company's profit
- Hamish McNicol discusses the latest court stories