New IMF Head Steps In

Former French Finance Minister Christine Lagarde begins her first day Tuesday as the Managing Director of the International Monetary Fund.

“I will make it my overriding goal that our institution continues to serve its entire membership with the same focus and the same spirit,” Lagarde said in a statement last week. “The IMF must be relevant, responsive, effective, and legitimate, to achieve stronger and sustainable growth, macroeconomic stability, and a better future for all.”

Lagarde, who was endorsed by the U.S. and approved by the IMF board, will be the first woman to serve in the fund’s top spot. 

She takes control after the resignation of former director Dominique Strauss-Kahn, who stepped down amid allegations that he had sexually assaulted a hotel maid in New York. According to a variety of media reports, prosecutors may drop the charges after questions began to emerge over his accuser’s credibility.

Lagarde’s term will last for five years. Agustín Carstens, the Governor of Mexico’s Central Bank, was also in the running.