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| Christine Lagarde announces IMF candidacy | Christine Lagarde announces IMF candidacy |
| (40 minutes later) | |
| Christine Lagarde has announced her candidacy to be the next head of the International Monetary Fund (IMF). | Christine Lagarde has announced her candidacy to be the next head of the International Monetary Fund (IMF). |
| The French finance minister had been an early favourite to replace Dominique Strauss-Kahn, who resigned last week to fight sex assault charges in New York. | The French finance minister had been an early favourite to replace Dominique Strauss-Kahn, who resigned last week to fight sex assault charges in New York. |
| Ms Lagarde has the support of much of Europe but emerging countries have called the tradition of a European always leading the IMF "obsolete". | Ms Lagarde has the support of much of Europe but emerging countries have called the tradition of a European always leading the IMF "obsolete". |
| All 10 of the IMF's managing directors since 1944 have been European. | All 10 of the IMF's managing directors since 1944 have been European. |
| "If elected, I will give the IMF all my experience as a lawyer, a director of enterprise, a minister and a woman," Ms Lagarde told a news conference in Paris. | "If elected, I will give the IMF all my experience as a lawyer, a director of enterprise, a minister and a woman," Ms Lagarde told a news conference in Paris. |
| If elected, she would be the first woman to head the IMF in its 67-year history. | If elected, she would be the first woman to head the IMF in its 67-year history. |
| The 24 members of the IMF's executive board will choose the next chief. | The 24 members of the IMF's executive board will choose the next chief. |
| Clear conscience | |
| Ms Lagarde said she had the full support of both French President Nicolas Sarkozy and Prime Minister Francois Fillon. | Ms Lagarde said she had the full support of both French President Nicolas Sarkozy and Prime Minister Francois Fillon. |
| She stressed she was not leaving her post in the French government, merely announcing that she was running for the IMF job. | She stressed she was not leaving her post in the French government, merely announcing that she was running for the IMF job. |
| "There are other candidates and I am looking forward to a very good debate between us," she said. | "There are other candidates and I am looking forward to a very good debate between us," she said. |
| In France, Ms Lagarde is involved in a legal row about her decision to settle a dispute between the state and tycoon Bernard Tapie, a personal friend of President Sarkozy. | |
| Commenting on the judicial investigation currently taking place, Ms Lagarde said: "I have every confidence in the procedure because my conscience is at ease." | |
| She also paid tribute to the work done by Mr Strauss-Kahn. | She also paid tribute to the work done by Mr Strauss-Kahn. |
| "The IMF has taken up the challenges of the [financial] crisis thanks to the actions of the director general Dominique Strauss-Kahn and to his team as well." | "The IMF has taken up the challenges of the [financial] crisis thanks to the actions of the director general Dominique Strauss-Kahn and to his team as well." |