|Managing Director of the International Monetary Fund|
5 July 2011
|Preceded by||Dominique Strauss-Kahn|
|Minister of Finance|
19 June 2007 – 29 June 2011
|Prime Minister||François Fillon|
|Preceded by||Jean-Louis Borloo|
|Succeeded by||François Baroin|
|Minister of Agriculture|
18 May 2007 – 18 June 2007
|Prime Minister||François Fillon|
|Preceded by||Dominique Bussereau|
|Succeeded by||Michel Barnier|
|Minister of Commerce and Industry|
2 June 2005 – 15 May 2007
|Prime Minister||Dominique de Villepin|
|Preceded by||Christian Jacob|
|Succeeded by||Position abolished|
|Born||Christine Madeleine Odette Lallouette
1 January 1956
|Political party||Union for a Popular Movement|
|Spouse(s)||Wilfred Lagarde (Divorced)
Eachran Gilmour (Divorced)
|Domestic partner||Xavier Giocanti|
|Alma mater||Paris West University Nanterre La Défense
Institute of Political Studies, Aix
Christine Madeleine Odette Lagarde (French: [kʁistin madlɛn ɔdɛt laɡaʁd]; née Lallouette, IPA: [laluɛt]; born 1 January 1956) is a French lawyer and Union for a Popular Movement politician who has been the Managing Director (MD) of the International Monetary Fund (IMF) since 5 July 2011. Previously, she held various ministerial posts in the French government: she was Minister of Economic Affairs, Finance and Employment and before that Minister of Agriculture and Fishing and Minister of Trade in the government of Dominique de Villepin. Lagarde was the first woman to become finance minister of a G8 economy, and is the first woman to head the IMF.
A noted antitrust and labor lawyer, Lagarde became the first female chairman of the international law firm Baker & McKenzie. On 16 November 2009, the Financial Times ranked her the best Minister of Finance in the Eurozone. On 28 June 2011, she was named as the next MD of the IMF for a five-year term, starting on 5 July 2011, replacing Dominique Strauss-Kahn. Her appointment is the 11th consecutive appointment of a European to head the IMF. In 2014, Lagarde was ranked the 5th most powerful woman in the world by Forbes magazine.
Lagarde was born in Paris, France, into a family of academics. Her father, Robert Lallouette, was a Professor of English; her mother, Nicole, was a Latin teacher. Lagarde and her three brothers, all younger, spent their childhood in Le Havre where she attended the Lycée François 1er and Lycée Claude Monet. As a teenager, Lagarde was a member of the French national synchronised swimming team. After her baccalauréat in 1973, she went on an American Field Service scholarship to the Holton-Arms School for girls in Bethesda, Maryland. During her year in America, Lagarde worked as an intern at the United States Capitol, as Representative William Cohen's congressional assistant, helping him correspond with his French-speaking constituents during the Watergate hearings. She graduated from Paris West University Nanterre La Défense, where she obtained Master's degrees in English, labor law, and social law. She also holds a master's degree from the Institut d'études politiques d'Aix-en-Provence. Since 2010, she has presided over Sciences Po Aix's board of directors. She also prepared for École nationale d'administration's entrance exam but ultimately failed to gain admission to the elite public administration school.
Lagarde joined Baker & McKenzie, a large Chicago-based international law firm, in 1981. She handled major antitrust and labor cases, was made partner after six years and was named head of the firm in Western Europe. She joined the executive committee in 1995 and was elected the company's first ever female Chairman in October 1999. In 2004, Lagarde became president of the global strategic committee.
As France's Trade Minister between 2005 and May 2007, Lagarde prioritized opening new markets for the country's products, focusing on the technology sector. On 18 May 2007, she was moved to the Ministry of Agriculture as part of the government of François Fillon. The following month she joined François Fillon's cabinet in the Ministry of Economic Affairs, Finance and Employment to become the first woman ever in charge of economic policy in France.
International Monetary Fund
On 25 May 2011, Lagarde announced her candidacy to be head of the IMF to succeed Dominique Strauss-Kahn upon his resignation. Her candidacy received the support of the British, Indian, United States, Brazilian, Russian, Chinese and German governments. The Governor of the Bank of Mexico (and former Mexican Secretary of Finance) Agustín Carstens was also nominated for the post. His candidacy was supported by many Latin American governments, as well as Spain, Canada and Australia.
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. The IMF's executive board praised both candidates as well-qualified, but decided on Lagarde by consensus. Lagarde became the first woman to be elected as the head of the IMF. Carstens would have been the first non-European. Her appointment came amid the intensification of the European sovereign debt crisis especially in Greece, with fears looming of loan defaults. The United States in particular supported her speedy appointment in light of the fragility of Europe's economic situation.
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." Nicolas Sarkozy referred to Lagarde's appointment as "a victory for France." Oxfam, a charity working in developing nations, called the appointment process "farcical" and argued that what it saw as a lack of transparency hurt the IMF's credibility.
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." She also said, "we had essentially a trillion dollars on the table to confront any market attack that would target any country, whether it's Greece, Spain, Portugal, or anybody within the eurozone." With respect to the French economy, she stated that besides short-term stimulus efforts: "we must, very decisively, cut our deficit and reduce our debt."
In public remarks made right after her appointment, Lagarde stated that both the IMF and EU required Greek austerity measures as a prerequisite for further aid. She said, "If I have one message tonight about Greece, it is to call on the Greek political opposition to support the party that is currently in power in a spirit of national unity." 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." On 25 December 2011, Lagarde argued that the world economy was at risk and urged Europeans to unify in terms of the debt crisis facing the continent.
"Do you know what? As far as Athens is concerned, I also think about all those people who are trying to escape tax all the time. All these people in Greece who are trying to escape tax."
Even more than she thinks about all those now struggling to survive without jobs or public services? "I think of them equally. And I think they should also help themselves collectively."
How? "By all paying their tax. Yeah."
Her comments provoked controversy: Evangelos Venizelos said she had "insulted the Greek people", while Alexis Tsipras declared: "We don't need her compassion." In an effort to quell the negative response, the next day Lagarde updated her Facebook page with: "As I have said many times before, I am very sympathetic to the Greek people and the challenges they are facing." Within 24 hours, over 10,000 comments had been left in response, many of them obscene. To her accusations that not enough Greeks paid their taxes, Professor Emeritus John Weeks of the University of London retorted: "The moral weight of Christine Lagarde's matronising of the Greeks to pay their taxes is not strengthened by the fact that, as director of the IMF, she is in receipt of a tax-free annual salary of $468,000 (£298,000, plus perks)."
In July 2012, as the Greek economy continued to decline, and the country's leaders asked for an easing of the terms of external assistance, Lagarde said she was "not in the negotiation or renegotiation mood at all." A year later, though, with her own organization conceding that its "rescue" package for Greece had fallen short of what was required, Lagarde—having previously said that Greece's debt burden was "sustainable"—decided that Greece would not recover unless its debt was written off in a meaningful way.
The Lagarde list
On 28 October 2012, Greek reporter and editor Kostas Vaxevanis claimed to be in possession of the list and published a document with more than 2,000 names in his magazine Hot Doc. He was immediately arrested on charges of breaching privacy laws with a possible sentence of up to two years in prison. After a public outcry, Vaxevanis was found not guilty three days later. According to the New York Times, as of late-October 2013, Vaxevanis faces a retrial, while the Greek authorities have yet to charge anyone on the list.
Investigation into alleged misuse of power
On 3 August 2011, a French court ordered an investigation into Lagarde's role in a €403 million arbitration deal in favour of businessman Bernard Tapie. On 24 May 2013, after two days of questioning at the Court of Justice of the Republic, Lagarde was assigned the status of "assisted witness", meaning that she was not herself under investigation in the affair. According to a press report from June 2013, Lagarde has been described by Stephane Richard, the CEO of France Telecom (a former aide to Lagarde when she was Finance Minister), who has himself been put under formal investigation in the case, as having been fully briefed before approving the arbitration process which benefitted Bernard Tapie. Subsequently in August 2014 the Court of Justice of the Republic announced that it had formally started a negligence investigation into Lagarde's role in the arbitration of the Tapie case.
Lagarde was portrayed by actress Laila Robins in the 2011 HBO television drama Too Big to Fail, which was based on the popular book of the same name by New York Times journalist Andrew Ross Sorkin.
- - Chevalier (13), promoted Officer, Order of Légion d'honneur (6)
- - Commander, Order of Mérite agricole
- Honorary doctorate from KU Leuven (Belgium) - awarded at KU Leuven Kulak
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In an internal document marked "strictly confidential," the IMF said it badly underestimated the damage that its prescriptions of austerity would do to Greece's economy, which has been mired in recession for the last six years. … Over the last three years, a number of senior IMF figures, including Managing Director Christine Lagarde, have repeatedly said that Greece's debt level was 'sustainable'—likely to be repaid in full and on time.
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In an implicit recognition that the eurozone's weakest member state will never recover unless some of its debt is forgiven, the International Monetary Fund's managing director, Christine Lagarde, said that Athens' debt pile, projected to reach a staggering 185% of GDP this year, would remain high 'well into the next decade'.
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|Wikimedia Commons has media related to Christine Lagarde.|
- imfboss.org Tracking the fight to head the Fund
- Column archives at Project Syndicate
- Appearances on C-SPAN
- Christine Lagarde at the Internet Movie Database
- Works by or about Christine Lagarde in libraries (WorldCat catalog)
- Christine Lagarde collected news and commentary at Al Jazeera English
- Christine Lagarde collected news and commentary at Forbes
- Christine Lagarde collected news and commentary at The Guardian
- Christine Lagarde collected news and commentary at The New York Times
- Christine Lagarde collected news and commentary at The Wall Street Journal
- Christine Lagarde at the Notable Names Database
|Minister of Commerce and Industry
|Minister of Agriculture
|Minister of Finance
|Managing Director of the International Monetary Fund