By Max Clarke
Former French Finance Minister, Christine Lagarde, is to begin her role as head of the IMF. It is the first time a woman has held the role since the organisation’s inception shortly before the close of the Second World War.
Lagarde’s appointment is seen as a controversial role after she beat several contenders from emerging markets. While typically the IMF has been headed by a European while their sister organisation, the World Bank, is normally headed by an American.
Critics argue that this model should change and the role should have gone to an emerging market representative, recognising the changing nature of the global economy.
Ms. Lagarde today replaces Dominique Strauss Khan who last month stepped down from the post following a sex scandal in a New York hotel. Strauss Khan denies the allegations.
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