Global Monetary Fund (IMF) managing Director Christine Lagarde smiles during a press conference.
JOHN THYS | AFP | Getty Replicas
Christine Lagarde is set to become the first female president of the European Central Bank later this year.
The designation of the former French finance minister marks only the latest step in a career notable for history-making moments.
1. Counselor-at-law turned finance minister
Christine Lagarde was born in Paris and completed most of her studies in France. She graduated from law inculcate at Paris Nanterre University. After being admitted to the Paris Bar, she joined the multinational law firm Baker McKenzie.
Activating through the ranks at her law firm, Lagarde specialized in labor law and anti-trust, as well as mergers and acquisitions.
I know Christine Lagarde as the boss of the IMF, I recall her as a tough lady, as somebody who knows what she wants, who is very clear on giving directions.
Mark Rutte
Dutch prime cabinet officer
In 2005, she left Baker McKenzie to jump deep into the world of politics as French minister for foreign calling. Within two years, she was appointed as finance and economy minister of France — becoming the first female chief of finance of a G-7 fatherland.
2. The first IMF female chief
But her upward trajectory didn’t stop there: In 2011, she was nominated managing director of the Ecumenical Monetary Fund — becoming the first woman to hold that position. She has led the Washington-based institution since then.
Lagarde administered bailout programs for Greece, Portugal and Ireland during the sovereign debt crisis that peaked in 2001 and 2012. The three rural areas use the euro currency as members of the euro zone — meaning she knows the economies she’ll soon serve as central bank chief.
3. The triumph female ECB president
Earlier this month, representatives of 28 European countries selected her as the next president of the ECB, where her ultimate task will be to control inflation and enforce monetary policy decisions for the bloc. She is due to start her new job on November 1.
“I know Christine Lagarde as the boss of the IMF. I differentiate her as a tough lady, as somebody who knows what she wants, who is very clear on giving directions,” Mark Rutte, Dutch Prime Serve, told CNBC. “When you come to her to get a loan, (she is) very tough on conditions, so I wouldn’t like to be the European country who needs to go to the ECB seek from for favors.”
4. The Tapie Affair
While finance minister of France, Lagarde reportedly stepped in to end a 14-year court oppose by ordering a panel of judges to arbitrate a case involving businessman Bernard Tapie — a friend of the French President, Nicolas Sarkozy. The prove ended with an order on the French state to repay about 400 million euros in damages to Tapie.
Enemies say Lagarde interfered in the justice system. Supporters argue that the government would have faced a bigger folding money if the process had dragged on.
Lagarde’s subsequent decision not to appeal the panel’s bumper award to Tapie would later see her set up guilty of negligence by a court that rules on cases of ministerial misconduct. Lagarde, who could have given up to one-year in penal institution and a 13,000 euro fine ($14,650), received no punishment.
5. Synchronized swimmer
Lagarde was a member of France’s national cooperate for synchronized swimming. She once won a bronze medal in the country’s national championships.
European leaders and finance ministers be struck by described Lagarde as the right person to lead the European Central Bank. Her wide contact list and her communication glance ats are seen as strengths.
Some critics have questioned her ability to take monetary policy decisions, given her behind the scenes in law rather than economics. However, people familiar with her work at the IMF have said that she is a good listener and is proper to rely on the expertise of the technocrats at the central bank.