5 July 2011, Washington: first-ever woman appointed Managing Director of the IMF for a 5-year term.[Ms. Christine Lagarde, shaking hands with Mr. John Lipsky, IMF Deputy Managing Director © International Monetary Fund ]. On Tuesday 28 June, the IMF spokesperson did not speak English to announce the appointment of Ms. Lagarde, which would have required an interpreter, but impeccable French.
The International Monetary Fund (IMF) works to foster international monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. Created in 1945, the IMF is governed by and accountable to the 187 countries that make up its near-global membership. IMF financing provides member countries the breathing room they need to correct balance of payment problems. The IMF’s resources are provided by its member countries, primarily through payment of quotas, which broadly reflect each country’s economic size.
The IMF is accountable to the governments of its member countries.
On 5 July Christine Lagarde went down in history as being the first-ever woman to be appointed Managing Director of the IMF,
beating her rival Mr. Augustin Carstens. The 24-member board regarded both candidates as highly qualified for the job, but, after having reviewed all relevant information on both candidates, had decided on Ms. Lagarde “by consensus”.
She was appointed Managing Director for a five-year term after a one-month selection process that kicked off on 20 May after Mr. Dominique Strauss-Kahn resigned.
A lawyer in a business consultancy, Ms. Lagarde worked her way up the ladder throughout her 25-year career. She became a partner in the Paris office of this business consultancy in 1987 and was made managing partner in 1991; she was appointed a member of the global executive committee in Chicago in 1995 and was appointed the very-first chairwoman in 1999 up to 2004.
In 2002, she was voted the fifth most successful business woman in Europe by the Wall Street Journal Europe.
Her appointment as Managing Director of the IMF marks a landmark event in her successful career spanning back to 1981.
She returned to France in 2005 and spent 6 consecutive years in the French government, including 4 years as French Minister of the Economy, Finance and Industry.
In her capacity as minister during the 2008 financial crisis, Ms. Lagarde is well acquainted with the challenges faced by the Eurozone.
With the sovereign debt crisis in Europe unresolved, the outlook looks grim. The spotlight is currently on Greece, where the government is trying to get deputies to adopt a drastic bailout plan to provide the economy with more solid foundations.
While Ms. Lagarde speaks perfect English, summit meetings (IMF, G8, G20) in several languages require conference interpreters boasting excellent general knowledge, expertise in specific fields and an in-depth command of simultaneous interpreting. CG Traduction & Interprétation was selected to provide translation and interpreting services as part of the French Presidency of the European Union in 2008 and the G20 in 2011.
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