After Dominique Strauss-Kahn resigned last month on allegations of sexually assaulting a New York housekeeper, the International Monetary Fund, or IMF, was without a chief. Today Christine Lagarde, former French Finance Minister and leader of Baker & McKenzie, a Chicago based law firm, became the first woman to lead the organization, and also the first non-economist to be in charge.
Upon approval by the group’s 24 member board, and gaining support from the United States, Russia and China, she was confirmed. Upon the vote she said, “I am deeply honored by the trust placed in me, I would like to thank the fund’s global membership warmly for the broad-based support I have received.”
Despite a vote of support, she has looming issues to handle. Greece is still in a financial meltdown, nearing default, and Europe as a whole in in a debt crisis that China is heavily interested in avoiding further dips.