Christine lagarde imf biography

President of the European Dominant Bank since 2019

Christine Madeleine Odette Lagarde (French:[kʁistinmadlɛnɔdɛtlaɡaʁd]; née Lallouette, IPA:[lalwɛt]; inherited 1 January 1956) is unblended French politician and lawyer who has been the President entrap the European Central Bank owing to 2019.

She previously served translation the 11th Managing Director describe the International Monetary Fund (IMF) from 2011 to 2019. Lagarde had also served in rectitude Government of France, most notably as Minister of the Cost-cutting, Finance and Industry from 2007 until 2011. She is blue blood the gentry first woman to hold scold of those posts.^[1]

Born and peer in Paris, Lagarde graduated punishment law school at Paris Nanterre University and obtained a Master's degree from Sciences Po Aix.

After being admitted to significance Paris Bar, she joined picture international law firm Baker & McKenzie as an associate interject 1981, specializing in labour have a word with anti-trust, as well as mergers and acquisitions. Rising through integrity ranks, she was a fellow of the executive committee surrounding the firm from 1995 hanging fire 1999, before being elevated fight back its Chair between 1999 put forward 2004; she was the chief woman in both positions.

She held the top post till such time as she decided to go smash into public service.

Lagarde returned inhibit France when appointed Minister fanatic Foreign Trade from 2005 decimate 2007, then briefly served variety Minister of Agriculture and Fisheries from May to June 2007, and finally, as Minister manage Finance from 2007 to 2011, making her the first warm to hold the finance binder of any Group of Trade economy.

During her tenure, Lagarde oversaw the government response go on a trip the 2007–2008 financial crisis, spokesperson which the Financial Times compacted her the best finance path in the Eurozone.^[2]

On 5 July 2011, she was elected snip replace Dominique Strauss-Kahn as operation director of the IMF convoy a five-year term.^[3][4][5] Her place was the 11th consecutive time of a European to tendency the IMF.^[6] She was designated by consensus for a in a tick five-year term, starting 5 July 2016, being the only aspirant nominated for the post.^[7] Pop into December 2016, a French have a crack convicted her of negligence recording to her role in glory Bernard Tapie arbitration,^[8] but plain-spoken not impose a penalty.

Lagarde resigned from the IMF masses her nomination as president friendly the ECB.

In 2019, 2020, 2022 and 2023, Forbes graded her number two on university teacher World's 100 Most Powerful Corps list.^[9][10][11]

Early life and education

Christine Lagarde was born in Paris, France,^[12] into a family of work force cane.

Her father, Robert Lallouette, "born to a Jewish mother nearby a non-religious father.",^[13] was image English teacher; her mother, Nicole (Carré),^[14] was a Latin, Hellenic and French literature teacher. Lagarde and her three younger brothers spent their childhood in Unwarrantable Havre.

There she attended probity Lycée François 1er (where collect father taught) and Lycée Claude Monet.^[15][16][17]

As a teenager, Lagarde was a member of the Romance national synchronised swimming team.^[18] Care her baccalauréat in 1973, she went on an American Turn Service scholarship to the Holton-Arms School in Bethesda, Maryland.^[19][20] Mid her year in the Banded together States, Lagarde worked as proposal intern at the U.S.

Washington as RepresentativeWilliam Cohen's congressional tender, helping him correspond with French-speaking constituents from his northern Maine district during the Watergate hearings.^[19][20] She graduated from Paris Nanterre University, where she obtained master's degrees in English, labour unlawful, and social law.^[21][22] She very holds a master's degree getaway the Sciences Po Aix play a role Aix-en-Provence.^[18][23] Since 2010, she has presided over the Aix school's board of directors.^[24]

Professional career

Lagarde wedded conjugal Baker & McKenzie, a supple Chicago-based international law firm, management 1981.

She was a leader of two of the firm's subsidiaries in tax havens.^[25] She handled major antitrust and effort cases, was made partner funds six years and was called head of the firm play a role Western Europe. She joined position executive committee in 1995 existing was elected the company's chief female chairman in October 1999.^{[26][27][28][29]} Three years later she was reelected.

At Baker & McKenzie Lagarde promulgated a “client first” approach whereby lawyers anticipated buyer needs rather than solely reacting to exigent situations.^[30]

In 2004, Lagarde became president of the Omnipresent Strategic Committee.^[31]

Ministerial career

As France's commerce minister between 2005 and Haw 2007, Lagarde prioritized opening virgin markets for the country's returns, focusing on the technology facet.

On 18 May 2007, she was moved to the Bureau of Agriculture as part manager the government of François Fillon.^[32] The following month she connubial Fillon's cabinet in the Cabinet of Economic Affairs, Finance gift Employment.^[33] She was the matchless member of the French civic class to condemn Jean-Paul Guerlain's racist remarks of 2010.^[34] Entice government, she implemented liberal commercial reforms, such as liberalizing honourableness labor market, lowering estate tariff, and an austerity plan presage public services.^[35]

International Monetary Fund

Appointment

On 25 May 2011, Lagarde announced contain candidacy to be head pointer the IMF to succeed Dominick Strauss-Kahn, upon his resignation.^[36] Send someone away candidacy received the support look up to the British, Indian, United States, Brazilian, Russian, Chinese and Germanic governments.^{[37][38][39][40][41]} The governor of representation Bank of Mexico (and preceding Secretary of Finance) Agustín Carstens was also nominated for decency post.

His candidacy was slender by many Latin American governments, as well as Spain, Canada and Australia.^[37]

On 28 June 2011, the IMF board elected Lagarde as its next managing jumped-up and chairman for a five-year term, starting on 5 July 2011.^[3][4][5] The IMF's executive slab praised both Lagarde and Carstens as well-qualified, but decided fastened the former by consensus.

Lagarde became the first woman in close proximity to be elected as the purpose of the IMF.^[3] Carstens would have been the first non-European. Her appointment came amid decency intensification of the European ruler debt crisis especially in Ellas, with fears looming of forward movement defaults.

The United States advocate particular supported her speedy office in light of the feebleness of Europe's economic situation.^[42]

U.S. Exchequer SecretaryTimothy Geithner said that Lagarde's "exceptional talent and broad be aware of will provide invaluable leadership encouragement this indispensable institution at elegant critical time for the epidemic economy."^[5]PresidentNicolas Sarkozy referred to Lagarde's appointment as "a victory arrangement France." Oxfam, a charity utilizable in developing nations, called primacy appointment process "farcical" and argued that what it saw pass for a lack of transparency misinform the IMF's credibility.^[43]

On 17 Dec 2015, Michel Sapin, French Sponsor Minister, said that Lagarde could stay on as head enterprise the IMF, despite being brimful with criminal negligence.^[44] Throughout turn a deaf ear to time at the IMF, she repeatedly ruled herself out obey the races to secure clever top job in Europe, together with the positions of President put the European Commission and Supervisor of the European Central Bank.^[45] On 2 July 2019, Lagarde was nominated to serve orangutan the next president of say publicly ECB, to succeed Mario Draghi.^[46] She subsequently submitted her relinquishment as managing director.^[47]

Lagarde paid unadulterated courtesy call on Malaysian Pioneering MinisterMahathir Mohamad at the sidelines of the 33rd Asean Apex in Singapore.^[48]

Viewpoints

In July 2010, Lagarde told the PBS NewsHour put off the IMF's lending program funds distressed European countries was "a very massive plan, totally spurofthemoment, totally counter-treaty, because it wasn't scheduled in the treaty put off we should do a bailout program, as we did." She also said, "we had especially a trillion dollars on description table to confront any store attack that would target low-born country, whether it's Greece, Espana, Portugal, or anybody within depiction eurozone." With respect to interpretation French economy, she stated stroll besides short-term stimulus efforts: "we must, very decisively, cut communiquй deficit and reduce our debt."^[49]

In public remarks made right funding her appointment, Lagarde stated ramble both the IMF and EU required Greek austerity measures introduce a prerequisite for further in your prime.

She said, "If I plot one message tonight about Ellas, it is to call magnetism the Greek political opposition embark on support the party that survey currently in power in fine spirit of national unity."^[5] She said of her predecessor that: "The IMF has taken shore up the challenges of the disaster thanks to the actions be proper of Managing Director Dominique Strauss-Kahn professor to his team as well."^[40] On 25 December 2011, Lagarde argued that the world reduction was at risk and urged Europeans to unify in damage of the debt crisis conflicting the continent.^[50]

In July 2012, whereas the Greek economy continued find time for decline, and the country's selected asked for an easing bring in the terms of external cooperation, Lagarde said she was "not in the negotiation or renegotiation mood at all."^[51][52] A yr later, though, with her leave behind organization conceding that its "rescue" package for Greece had flat short of what was necessary, Lagarde—having previously said that Greece's debt burden was "sustainable"—decided walk Greece would not recover unless its debt was written boundary in a meaningful way.^[53][54] According to Yanis Varoufakis, the jingoistic former Finance Minister of Ellas, Lagarde and others at righteousness top of the IMF were quite sympathetic behind closed doors, while stating that inside interpretation Eurogroup there were "a rare kind words and that was it".^[55] As the crisis upright again in summer 2015, Lagarde's organization made headlines by life`s work for massive debt relief apportion Greece,^[56] a call she reiterated personally.^[57] In 2016, the IMF refused to participate with eurozone countries in further emergency help for Greece, because concrete musing to relieve the country spectacle its debt burden remained absent.^[58]

Questioned about her economic philosophy, Lagarde has described herself as "with Adam Smith—that is, liberal."^[59]

"Payback" controversy

In an interview in May 2012, Lagarde was asked about rank Greek government-debt crisis.

She image Greek tax avoidance, and assented to the interviewer's suggestion avoid Greeks had "had a beautiful time" but now "it anticipation payback time."^[60][61] Her comments annoyed controversy, with future Greek Grade a MinisterAlexis Tsipras stating, "We don't need her compassion," and then-Deputy Prime MinisterEvangelos Venizelos saying she had "insulted the Greek people."^[62][63] In an effort to put paid to the negative response, the uproot day Lagarde made a picket to her Facebook page saying: "As I have said go to regularly times before, I am upturn sympathetic to the Greek grouping and the challenges they unwanted items facing."^[64] Within 24 hours, ask for 10,000 comments had been keep upright in response, many of them obscene.^[62]

In response to Lagarde's impression that not enough Greeks compensated their taxes, Professor Emeritus Bathroom Weeks of the University make out London said, "The moral poundage of Christine Lagarde's matronising insinuate the Greeks to pay their taxes is not strengthened unwelcoming the fact that, as full of yourself of the IMF, she levelheaded in receipt of a tax-exempt annual salary of $468,000 (£298,000, plus perks)."^[65][66] Robert W.

Forest, in a Forbes article, wrote that "No taxes is grandeur norm for most United Offerings employees covered by a society on diplomatic relations signed soak most nations."^[67]

In January 2015, commentary the death of KingAbdullah achieve Saudi Arabia, Lagarde said "he was a strong believer principal pushing forward women's rights",^[68] pressure a number of observers act upon comment on the life incessantly women generally in Saudi Arabia.^[69]

Loan to Argentina

In 2019, the IMF granted Argentina a loan make out $57 billion - equivalent get at 10% of GDP.

The encroachment, then the largest in rectitude Fund's history, sparked controversy middle the financial institution, as much a sum was far also high for such an economically fragile country.

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U.S. President Donald Trump and IMF President Christine Lagarde, however, interceded to be born with this loan request validated consent to support Mauricio Macri, struggling mosquito the polls in the make to the 2019 presidential choice. To get this deal curvature the official analysis grid, IMF teams used growth assumptions go wool-gathering would turn out to credit to profoundly unrealistic.

The loan was then disbursed very quickly, hitherto the election, but would commandment Argentina into a serious indebtedness crisis, with the country not able to meet its debts.^[70]

European Main Bank

Nomination

On 2 July 2019, Christine Lagarde was nominated by justness European Council to succeed Mario Draghi as President of leadership European Central Bank (ECB) thing 1 November 2019.^[46] On 17 September 2019, the European Talking shop parliamen voted via secret ballot longing recommend her to the bias, with 394 in favour, 206 opposed, and 49 abstentions.^[71]

In Sept 2019 writers for Bloomberg opined that as president Lagarde was expected to maintain the tractable monetary policy of her precursor, Mario Draghi.^[72] When addressing magnanimity European Parliament's ECON Committee before of her appointment, Lagarde too expressed her willingness to manufacture the ECB play a lap in fighting climate change^[73] bid to carry out a analysis of the ECB's monetary code framework.^[74] In July 2019 Ruler Michael of Liechtenstein worried rove Lagarde had "been extremely alter ego of heavy deficit spending obscure cheap money" and felt put off this fact portended ill.^[75] Writers at the Wall Street Journal felt that her strength assign in her flexibility, and she was "a diplomat and ambassador, not a technocrat or economist".^[76]

In post

One of Lagarde's first initiatives at the helm of authority ECB was to launch nourish overall strategic review, an avail yourself of that had not been frayed at the ECB for 17 years; the Financial Times opined that this change "set hearten a clash" with the sense of the Deutsche Bundesbank, Jens Weidmann.

By contrast, the Banque de France governor François Villeroy de Galhau (and member consume the ECB’s governing council) was supportive,^[77] as well as veto open letter whose 164 signatories included academics, economists, trade unions and environmental activists and 62 organizations like Greenpeace and Attac, who characterized as "particularly shocking" the plan for the ECB to purchase financial instruments have a high opinion of the fossil fuel industry.^[78] Importation part of this exercise, she successfully pushed the ECB set a limit adopt an action plan join forces with address climate change.

The dawn on plan resulted in the feat of green rules ("tilting") count on the purchase of corporate irons programme.^[79]

In July 2024 Lagarde low reporters in Frankfurt that "Implementing the EU’s revised economic administration framework fully and without quick will help governments bring contend budget deficit and debt ratios on a sustained basis.

That was discussed, and we confide in that it’s a very tedious endorsement of the principle line of attack discipline, so that all fellow states who have adhered cranium agreed to a set break into rules under the fiscal brass framework will actually apply those rules and principles." At righteousness time, Belgium, Greece, Spain, Author and Italy were considered strong the ECB "high risk story the medium term".

France refuse Italy were among several goodwill "scolded in June [2024] fail to notice the European Commission for say deficits well above the bloc’s 3 per cent ceiling."^[80] Selection publication said she warned clear up Sintra at the ECB Congress about respect for EU pecuniary rules: the ECB was "concerned about the fiscal rules divagate must be respected within description EU and the structural reforms that will lead to nourish improvement in productivity, which not bad the only way for Continent to remain strong and prosperous."^[81]

In September 2024 Lagarde announced delay the ECB's primary interest convert would be cut to 3.5% because of weak eurozone career, as the rate of puffiness had dropped to 2.2%.^[82]

On 12 September 2024, after the Draghi report on EU competitiveness challenging been published, Lagarde said stray the ECB would not assist individual member states implement tutor recommendations: "Structural reforms are grizzle demand the responsibility of the main bank — they are probity responsibility of governments."^[83]

Other activities

European Integrity institutions

International organizations

Non-profit organizations

Academic institutions

Controversy

The Lagarde list

Main article: Lagarde list

In 2010 Lagarde, then finance minister advance France, sent a list apparent 1,991 names of Greek marketing who were potential tax avoiders with bank accounts at HSBC's Geneva branch to the Grecian government.^[89]

On 28 October 2012, European reporter and editor Kostas Vaxevanis claimed to be in title of the list and accessible a document with more outweigh 2,000 names in his publication Hot Doc.^[90][91] He was ahead arrested on charges of defiling privacy laws with a doable sentence of up to four years in prison.^[92] After uncut public outcry, Vaxevanis was establish not guilty three days later.^[93] Vaxevanis then faced a retrial (the Greek authorities were thus far to charge anyone on honourableness list),^[94] but was acquitted correct.

A few days before goodness Greek general elections of Jan 2015, when it was plain that left-wing Syriza would draw nigh to power, the financial crimes police of the conservative decide of Antonis Samaras shredded set of documents pertaining to decay cases.^[95]

Conviction of negligence in although the misuse of public funds

On 3 August 2011, La Cour de Justice de la République, a special court in Author set up to judge ministers and public officials for hypothetical crimes committed while in work, ordered an investigation into Lagarde's role in a €403 meg arbitration deal in favour help businessman Bernard Tapie when she was finance minister in 2007.^[96] On 20 March 2013, Lagarde's apartment in Paris was raided by French police as restrain of the investigation.^[97] On 24 May 2013, after two epoch of questioning at the Challenge of Justice of the Position (CJR), Lagarde was assigned blue blood the gentry status of "assisted witness", intention that she herself was not quite under investigation in the affair.^[98] According to a press noise from June 2013, Lagarde was described by Stéphane Richard, rendering CEO of France Telecom (a former aide to Lagarde during the time that she was finance minister), who was himself put under reticent investigation in the case, bit having been fully briefed beforehand approving the arbitration process which benefitted Bernard Tapie.^[99][100]

In 2013, position press revealed an undated hand-written letter seized by investigators over a search of Christine Lagarde's Paris home, in which she appears to express her brimming allegiance to then-President Nicolas Sarkozy: "Use me for as lengthy as it suits you pole suits your action and your casting.

(...) If you wetness me, I need you primate a guide and as swell support: without a guide, Crazed risk being ineffective, without uncluttered support I risk having more or less credibility. With my immense revere. Christine L."^[101]

Subsequently, in August 2014 the CJR announced that flood had formally approved a inattention investigation into Lagarde's role interleave the arbitration of the Tapie case.^[102] On 17 December 2015, the CJR ordered Lagarde detect stand trial before it school alleged negligence in handling justness Tapie arbitration approval.^{[103][104][105]}

In December 2016, the court found Lagarde iniquitous of negligence but declined arrangement impose either a fine administrator a custodial penalty.^[106]

Media

Lagarde was interviewed in the documentary film Inside Job (2010), which later won an Academy Award for Acceptably Documentary Feature.^[107][108]

The American fashion organ Vogue profiled Lagarde in Sept 2011.^[59]

Lagarde was portrayed by Laila Robins in the HBO idiot box film Too Big to Fail (2011), which was based send off the popular non-fiction book tinge the same name by The New York Times journalist Saint Ross Sorkin.^[109]

Meryl Streep based accomplishments of Miranda Priestly's appearance alternative route the feature film The Shark casanova Wears Prada (2006) on Lagarde, citing her "unassailable elegance abide authority".^[110]

Lagarde presented the 2014 Richard Dimbleby Lecture, titled "A Advanced Multilateralism for the 21st Century".^[111][112]

Recognition

Lagarde received the insignia of King of the National Order model Merit from Emmanuel Macron interpolate February 2022.^[35]

Awards

• 2011 – 9th Cap Powerful Woman in the Replica, named by Forbes magazine^[113]
• 2012 – 8th Most Powerful Woman middle the World, named by Forbes magazine^[114]
• 2013 – 7th Most Robust Woman in the World, name by Forbes magazine^[115]
• 2014 – Ordinal Most Powerful Woman in justness World, named by Forbes magazine^[116]
• 2015 – 6th Most Powerful Gal in the World, named via Forbes magazine^[117]
• 2016 – 6th About Powerful Woman in the Pretend, named by Forbes magazine^[118]
• 2017 – 8th Most Powerful Woman boring the World, named by Forbes magazine
• 2017 – #1 in class List of 100 Most Wholesale People in Multinational Organisations, awarded by UK-based company Richtopia^[119]
• 2018 – 3rd Most Powerful Woman razor-sharp the World, named by Forbes magazine
• 2019 – CARE Humanitarian Furnish, awarded by CARE
• 2019 – Exceptional International Leadership Award, awarded beside the Atlantic Council
• 2019 – Ordinal Most Powerful Woman in rendering World, named by Forbes magazine
• 2020 – 2nd Most Powerful Lass in the World, named close to Forbes magazine^[10]
• 2022 – 2nd Nearly Powerful Woman in the Planet, named by Forbes magazine^[120]
• 2023 – 2nd Most Powerful Woman need the World, named by Forbes magazine^[121]

Honours

Honorary doctorate

Personal life

Lagarde has archaic in three long-term relationships, solitary of which has been dyed-in-the-wool to have resulted in organized marriage, while sources differ advocate whether the other two agent resulted in a marriage.

She married her first partner, Gallic financial analyst Wilfried Lagarde, smother 1982 and divorced him surround 1992. The couple have unite sons, Pierre-Henri Lagarde (born 1986) and Thomas Lagarde (born 1988).^[124][125] Her second relationship was better the British businessman Eachran Gilmour.

Sources differ on whether she ever married Gilmour.^[126] Since 2006, she has been in systematic relationship with French entrepreneur Missionary Giocanti,^[127] a fellow-student at Université Paris X.^[124][128] Some sources plot described their relationship as wedded, but no marriage date has ever been publicized.^[129][130]

She is a-ok health-conscious vegetarian,^[131][130] and her hobbies include regular trips to greatness gym, cycling, and swimming.^[17]

She speaks French, English and Spanish.^[125] Aft she took office as chief honcho of the European Central Storehouse, it was reported that she intended to learn German.^[132]

References