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Extreme World: Business | |
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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 its inception have been European. | All 10 of the IMF's managing directors since its inception 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 65-year history. | If elected, she would be the first woman to head the IMF in its 65-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. |
'Good debate' | 'Good debate' |
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. |
So far the only other official candidate is Agustin Carstens, the head of Mexico's central bank, after the Mexican finance ministry said on Monday that it would nominate him. | So far the only other official candidate is Agustin Carstens, the head of Mexico's central bank, after the Mexican finance ministry said on Monday that it would nominate him. |
Other names in the frame include Germany's former banking chief, Axel Weber, and former South African finance minister Trevor Manuel. | |
Ms Lagarde also paid tribute to the work done by Mr Strauss-Kahn. | Ms Lagarde 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." |
European v non-European? | European v non-European? |
Ms Lagarde is widely backed in Europe and is expected to receive the support of the US. | Ms Lagarde is widely backed in Europe and is expected to receive the support of the US. |
On Tuesday, the French government also said that China would support Ms Lagarde's candidacy, although Beijing declined to comment. | On Tuesday, the French government also said that China would support Ms Lagarde's candidacy, although Beijing declined to comment. |
And later on Tuesday, the so-called Brics countries - which includes China, as well as Brazil, Russia, India and South Africa - released a statement expressing concern at comments from senior Europeans that the IMF should continue to be led by a European. | And later on Tuesday, the so-called Brics countries - which includes China, as well as Brazil, Russia, India and South Africa - released a statement expressing concern at comments from senior Europeans that the IMF should continue to be led by a European. |
But Ms Lagarde said: "Being a European should not be a plus; it should not be a minus either." | But Ms Lagarde said: "Being a European should not be a plus; it should not be a minus either." |
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. | 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." | Commenting on the judicial investigation currently taking place, Ms Lagarde said: "I have every confidence in the procedure because my conscience is at ease." |