Christine Lagarde at the World Economic Forum in Davos. Photo: Laurent Gilliéron / AP
Christine Lagarde on the panel at the World Economic Forum in Davos when her smile turned into a scowl. The reason is that Robert E. Diamond Jr., one of the world’s most powerful bankers, have just thanked regulators and finance ministers for their role in creating a better environment for the financial crisis.
The Frenchwoman looked him in the eye and said, in perfect English:
– The best way for the banking system to say thanks would be to actually, you know, practicing good financing of the economy, have the reasonable compensation systems in place and cover for their capital, she said, to thunderous applause.
This was five years ago. When was Christine Lagarde, the French Finance Minister. But there is no doubt that the outspoken Frenchwoman, now head of the International Monetary Fund, caused as much a stir at this year’s summit in the Swiss ski resort.
Among the headlines from this year’s edition are statements that refugees can make a boost to European growth and that there are communication problems in China.
Christine Lagarde has never stood out as the one who is afraid to honestly speak their minds, something that has not always gone home. She blamed the 2008 global financial crisis in part on the truculent and testosterone-laden culture of global banks got one and another (man) to see red. But most angry may have their own countrymen become, for example, when she was new in President Jacques Chirac’s government in 2005 called France’s labor inflexibility.
Perhaps it is even the case that respect at home came only with her reputation grew internationally. The prestigious financial newspaper Financial Times crowned her in 2009 as Europe’s best finance minister and only then answered the French to vote for her as one of the country’s favorite personalities. Now list the American magazine Forbes her as the world’s sixth most powerful woman.
But on the way there have been Christine Lagarde repeatedly forced to break the limit of normal. Whole career could be labeled the “first female …”.
She began her career in the international law firm Baker & amp; McKenzie. She became after a few years of its first female partner ever, then the first female board member and finally its first female president.
She continued as minister of France. When she left the government, it was the country’s first female finance minister. Now she is notoriously IMF’s first female top manager. 2016 is the last year of the first term. But despite today’s economy equivalent of a rock star, she is far from obvious for a second term. The reason is that in France known as the Tapie case.
In December last year decided a French court that Christine Lagarde will stand trial for her handling in the payment of state compensation of 400 million to the French financier Bernard Tapie in 2008.
The payment concerned a dispute between Tapie and the state-owned bank Crédit Lyonnais after Tapies sale of Adidas in 1993. The aid is suspected to have been a leniency because of Tapies support to then-President Nicolas Sarkozy, party colleague Christine Lagarde.
Court was surprising given that the French chief prosecutor in September recommended that the inquiry against Lagarde would be shut down. And Lagarde herself said she would appeal the decision. She believes that she has acted in the French State’s interest and quite legally.
She has said that she will not resign because of the accusations, and supported by the IMF board, which represents 188 countries.
On Friday Lagarde announced that she will be a candidate for a second term. According to the UK and Germany should not be the threat of a lawsuit Tapie prevent her from continuing in office after the current mandate period ended. In last week announced that both the British and the German Government that she nominated for a further five years.
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