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November 27, 2021
BUSINESS

Lagarde announces IMF candidacy

France’s Finance Minister Christine Lagarde officially declared her candidacy to replace Dominique Strauss-Kahn as managing director of the International Monetary Fund (IMF), on Wednesday, launching a global race for the prominent position, Wall Street Journal informs. “Today, I would like to declare my intention to stand for the position of managing director of the IMF,” she said at a press conference. Lagarde also said she had received the backing of France’s President Nicolas Sarkozy. European nations had already coalesced around her in the days since Strauss-Kahn resigned after being charged with the attempted rape of a housekeeper in a New York hotel.

Lagarde’s run for the job comes as several emerging-market nations have expressed frustration at Europe’s willingness to perpetuate a six-decade tradition under which a European national assumes the top IMF job and an American leads the World Bank. Some critics have questioned Lagarde’s credentials to run the IMF, given her lack of a formal economics background. She said she would bring her experience as a corporate lawyer, businesswoman, minister and a woman to the IMF. If successful in her bid, she would be the first woman to run the international institution.

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