IMF's new chief has to bid adieu to European bias
Christine Lagarde's greatest threat comes from her new neighbours in the US, writes Richard Blackden
'IT'S a victory for France," President Nicolas Sarkozy said of Christine Lagarde's appointment as the new head of the International Monetary Fund (IMF). It should come as no surprise that the unpopular French leader is trying to put a positive spin on losing his highly regarded finance minister. And, in one sense, Sarkozy is spot on.
Lagarde becomes the fund's fifth French leader, and her appointment ensures the Gallic republic keeps a powerful voice at an institution that has made a comeback thanks to the financial crisis. But Lagarde won't have appreciated her former boss airing his sentiment in public.
The 55-year-old will start her first day in the job next Tuesday with three question marks hanging over her appointment.