Lagarde set for second term as IMF chief

Christine Lagarde, the first woman to head the International Monetary Fund, became assured on Feb. 11 of a second term as managing director to steer it through a global economic slowdown.

The executive board of the global crisis lender announced that there were no challengers facing Lagarde, for the five-year term that begins in July.
 
There was little question that the race would be uncontested after Lagarde, 60, said she was running for a second mandate on January 22, a day after the nominations period opened. It closed at midnight on Feb. 10.
 
The former French finance minister received a flood of support worldwide, from across Europe, including France, Germany and Britain; China; Latin America; Canada; and the United States, the IMF's largest shareholder.
 
On Feb. 11, Treasury Secretary Jacob Lew formally announced US support and praised her "exceptional job" in leading the IMF over the last five years "at a critical time for the global economy."  

The chorus of support likely discouraged anyone else from applying.
 
The board, representing the IMF's 188 member nations, said it would hold meetings with Lagarde and wants to complete the selection process "as soon as possible" and on the basis of consensus. Its decision is expected by early March.
 
Unless there is a sudden, unexpected event, the outcome of the meeting is certain.
 
In 2011, Lagarde competed with Mexico's central bank governor, Agustin Carstens, to succeed Dominique Strauss-Kahn, who resigned in disgrace over a sex scandal. She enjoyed widespread support, including from emerging-market and developing countries.
 
The IMF's top job has been held by a European since the institution was created in 1944. The...