The new chief of the International Monetary Fund

The first lady to head the International Monetary Fund (IMF), Christine Lagarde, was appointed yesterday evening by a wide majority of states. The next managing director has promised to serve the interest of all countries. "I will make it my overriding goal that our institution continues to serve its entire membership," she said.

However, some emerging economies which believed that a southern state should lead the IMF were reluctant to back Ms Lagarde's candidacy. Mexico's Agustín Carstens, former Deputy Managing Director of the IMF, won the support of Australia and Canada but the Eurozone crisis considered as a priority by the IMF board members put Lagarde ahead.

She will start her five-year term on Tuesday 5 July and one of her first priorities should be the second bail-out negotiation for Greece.

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