The selection of Ms Lagarde by the 24-member Executive Board representing the IMF's 187 member countries brings to conclusion the selection process initiated by the Executive Board on May 20, 2011. According to the agreed procedures, the Board had agreed to meet with Mr Agustín Carstens and Ms Lagarde for the post. The candidates met bilaterally with Executive Directors, as well as the Executive Board, during June 20-23, 2011. In these meetings, Mr Carstens and Ms Lagarde had the opportunity to present all relevant information concerning their specific candidacies.

The Executive Board agreed that both were well-qualified candidates and the objective was to select one by consensus. Based on the candidate profile that had been established, the Executive Board, after considering all relevant information on the candidacies, proceeded to select Ms Lagarde by consensus. The Executive Board looks forward to Ms Lagarde leading the International Monetary Fund as its next Managing Director effectively.

Ms Lagarde, 55, a national of France, has been the Minister of Finance of France since June 2007. Prior to that, she served as France's Minister for Foreign Trade for two years. Ms Lagarde has also had an extensive and noteworthy career as an anti-trust and labour lawyer, serving as a partner with the international law firm of Baker & McKenzie, where the partnership elected her as chairwoman in October 1999. She held the top post at the firm until June 2005, when she was named to her initial ministerial post in France. Ms Lagarde has degrees from the Institute of Political Studies (IEP) and from the Law School of Paris X University, where she also lectured prior to joining Baker & McKenzie in 1981.

Press release