Christine Lagarde; New IMF Managing Director

Last Tuesday, on the 28 of June, the IMF’s Executive Board announced to the world that Christine Lagarde has been selected Managing Director of the IMF for a term of five years, taking up her new position on July 5.
Christine Lagarde, the first woman to lead the IMF, has been the French finance minister during the global financial crisis and so she  is seen to be very familiar with the problems in the euro area.
A new Director needed to be appointed since the former Director, Dominique Strauss-Kahn, resigned in May due to being accused of abuse.
Therefore, starting on May 20 a month-long selection process was carried out to find a new Managing Director to lead the IMF.
There has been a lot of talk about the new choice for this position. Many people find that it would do the IMF and the global economy well,  to choose a non-European Director, as would have been the other candidate, the Mexican Agustín Carstens. Others are of the opinion that it is better to have an European, who is close to the actual debt crisis  Europe, to help to find  a solution for the problems in the Euro zone.
There are many goals that the new Managing Director has for the IMF, like pressing further reforms in the institution to achieve a balance of power in the world’s economies, creating a more effective IMF and strengthen diversity.