SUNDAY, July 03, 2011
The French Finance Minister Christine Lagarde has been appointed as the new managing director of the International Monetary Fund defeating Augustin Carstens, the head of the central bank of Mexico, after a month long fight. Christine Lagarde has been appointed to the position despite of the concerns regarding her non-economic educational background. She has been appointed as the 11th managing director of the IM, making history as the first woman director of the IMF. Lagarde, who is a retired lawyer, is 55 years of age.
Many analysts are of the opinion that Lagarde's win is the reflection of the western dominance over the leadership of the IMF. This shows that the world does not desire a non-European leadership at the IMF, a key financial organization, especially when the global economy is still being haunted by the debt crisis in Europe.
The IMF has traditionally been under European leadership, since its establishment as the aftermath of the Second World War, to protect the world economy from major disasters.
Lagarde was hugely supported by the major Asian powers such as the China and the India, after she pledged that the influence of the developing countries would be increased at the fund.
The People's Bank of China has welcomed the appointment of Lagarde as the new MD of IMF, saying that it expects her to bring about further reformation in the IMF. Carstens, the only rival of Lagarde, has also supported her. He said that the new chief is "very capable" and the IMF governance is going to progress under her. Lagarde is hugely reputed for her political experience and her formidable negotiating skills.
Christine Lagarde Quote
"...bring all my expertise as a lawyer, a minister, a manager and a woman."
FYi
Full Name - Christine Madeleine Odette Lagarde (née Lallouette)
Born - 1 January 1956, Paris
Father - Robert Lallouette, a Professor of English at the Faculty of Rouen
Mother - Nicole worked, a teacher
Graduation - From Lycée François 1er in Le Havre in 1974
Law - Law school at University Paris X, France
Master's Degree in political science - Institut d'études politiques d'Aix-en-Provence (Sciences Po Aix)
Intern - United States Capitol, as William Cohen's congressional assistant
Schooling - Holton-Arms School, a girls' school in Bethesda, Maryland, USA (with scholarship)
IMF - First woman to ever head
G8 Economy - First woman ever to become minister of Economic Affairs
Baker & McKenzie - First female chair of International Law firm
The Financial Times - Ranked her best minister of finance of the Eurozone (16 November 2009)
Forbes Magazine - Ranked her 17th most powerful woman in the world (2009)
Comments
Post a Comment
User comments posted on Asia Pacific News website are the sole views and opinions of the comment writer and are not representative of any of our staff, writer, agency, reporter or citizen journalist. We accept no liability and will not be held accountable for user comments.
We reserve the right to edit, to remove or to censor any comments.
Webmasters seeking for backlinks may contribute a guest post with two outbound links (Home page and internal page) and submit it in the below comment box, which will be shifted to blog post under suitable category by moderator.