Navigation Path: Home›About›Organisation›Decision-making›Christine Lagarde, We are always working to improve this website for our users. A noted antitrust and labour lawyer, Lagarde was the first female chair of major international law firm Baker & McKenzie, between 1999 and 2004. "[45][46] A year later, though, with her own organization conceding that its "rescue" package for Greece had fallen short of what was required, Lagardeâhaving previously said that Greece's debt burden was "sustainable"âdecided that Greece would not recover unless its debt was written off in a meaningful way. Find out how the ECB promotes safe and efficient payment and settlement systems, and helps to integrate the infrastructure for European markets. [37], U.S. Treasury Secretary Timothy Geithner said that Lagarde's "exceptional talent and broad experience will provide invaluable leadership for this indispensable institution at a critical time for the global economy. Christine Lagarde continued that tradition. [64] Confirmed by the European Council in its October summit, Lagarde became the first woman to serve as ECB President. [41] On 17 September 2019, the European Parliament voted via secret ballot to recommend her to the position, with 394 in favor, 206 opposed, and 49 abstentions. Daley, Suzanne. However, she later described receiving the nomination as "an honour". There have been challenges to the established practice. [13][14][15] As a teenager, Lagarde was a member of the French national synchronised swimming team. If the European Council approves her ECB nomination, she will become the central bank's first ever female leader, responsible for the euro and the monetary policy of the eurozone. Lagarde and her three younger brothers spent their childhood in Le Havre. Known as the "rock star" of international finance, Ms Lagarde, 63, began her career as a lawyer before moving into politics. Quotations by Christine Lagarde, French Politician, Born January 1, 1956. [42], In July 2010, Lagarde told the PBS NewsHour that the IMF's lending program for distressed European countries was "a very massive plan, totally unexpected, totally counter-treaty, because it wasn't scheduled in the treaty that we should do a bailout program, as we did." [81] According to a press report from June 2013, Lagarde was described by Stéphane Richard, the CEO of France Telecom (a former aide to Lagarde when she was finance minister), who was himself put under formal investigation in the case, as having been fully briefed before approving the arbitration process which benefitted Bernard Tapie. However, one former IMF official said her leadership of the fund meant she was "exceptionally qualified" to run the ECB. [38], On 17 December 2015, Michel Sapin, French Finance Minister, said that Lagarde could stay on as head of the IMF, despite being charged with criminal negligence. [39] Throughout her time at the IMF, she has repeatedly ruled herself out of the races to secure a top job in Europe, including the positions of President of the European Commission or President of the European Central Bank. Between July 2011 and November 2019, she served as chair and managing director (MD) of the International Monetary Fund (IMF). There she attended the Lycée François 1er (where her father taught) and Lycée Claude Monet. Discover more about working at the ECB and apply for vacancies. Christine Lagarde has become known as the "rock star" of international finance, Ms Lagarde is known as the "rock star" of international finance, Christine Lagarde: The 'rock star' of finance, https://www.bbc.com/news/business-49009226, EU nominee pledges 'green deal' in bid for top job, Another first for finance 'rock star' Christine Lagarde. Read about our approach to external linking. "[6] She said of her predecessor that: "The IMF has taken up the challenges of the crisis thanks to the actions of [Managing Director] Dominique Strauss-Kahn and to his team as well. Key figures and latest releases at a glance. "[6] Nicolas Sarkozy referred to Lagarde's appointment as "a victory for France." [88], Lagarde was interviewed in the documentary film Inside Job (2010), which later won an Academy Award for Best Documentary Feature. [19][20] She also holds a master's degree from the Institut d'études politiques in Aix-en-Provence. [32], On 28 June 2011, the IMF board elected Lagarde as its next managing director and chairman for a five-year term, starting on 5 July 2011. Learn more about how we use cookies, We are always working to improve this website for our users. [73][74] He was immediately arrested on charges of breaching privacy laws with a possible sentence of up to two years in prison. There was a post-Second World War understanding - or carve-up if you prefer - that the top job at the IMF would go to a European, while an American would run the World Bank. But the selection raises once again an old sore in arrangements for the leadership of the IMF and the World Bank. So far, however the post war deal has held up. She also presided over the IMF's biggest bailout, a $57bn deal for Argentina last year that many credited with arresting emerging market turbulence. "[61], In January 2015, on the death of King Abdullah of Saudi Arabia, Lagarde said "he was a strong believer in pushing forward women's rights",[62] prompting a number of observers to comment on the life of women generally in Saudi Arabia.
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