Lagarde Officially Takes Over IMF

New IMF executive director Christine Lagarde (L) chats with Francois Baroin (R), during the questions and answers session in the National Assembly, Paris, France, 29 June 2011. Photo by EPA/BGNES

Tuesday is the first day of former French Finance Minister Christine Lagarde's new career as the Managing Director of the International Monetary Fund.

Lagarde succeeds Dominique Strauss-Kahn, who was accused of sexual abuse in May, is the first woman named to the top IMF post since the institution's inception in 1944. She was appointed as her new position on June 28.

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.

Lagarde was regarded to be very likely to succeed Dominique Strauss-Kahn at the helm of the International Monetary Fund as early as more than a month ago.

Lagarde's appointment keeps the convention that Europe gets to head the IMF, while an American gets the top job at the World Bank.

"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," she said in a statement after her appointment, as cited by BBC.

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