UK, Germany endorse Lagarde as new IMF head

LONDON | BERLIN: French Finance Minister Christine Lagarde is an "outstanding candidate" to head the International Monetary Fund, her British counterpart said on Saturday. "We support her because she's the best person for the job, but I also personally think it would be a very good thing to see the first female managing director of the IMF in its 60-year history," Chancellor of the Exchequer George Osborne said in a statement.

"She's shown real international leadership as chair of the G20 finance ministers this year. She has also been a strong advocate for countries tackling high budget deficits and living within their means," he added.

Germany's finance minister added to a chorus of calls for France's Christine Lagarde to become a new leader of the International Monetary Fund.

Lagarde has emerged as a front-runner to replace Dominique Strauss-Kahn, also of France, who resigned this week to face charges in New York that he tried to rape a hotel maid. He denies the charges.

Germany's Finance Minister Wolfgang Schaeuble said Saturday that Lagarde would give Europe its best chance to again lead the fund. Chancellor Angela Merkel called her a "distinguished'' and "very experienced'' personality.

"Europe would have the best chance to secure the post again with Christine Lagarde, if she decides to run,'' Schaeuble told the German weekly Bild am Sonntag.

He was quoted as saying that Lagarde was"outstandingly qualified'' and "extremely respected and appreciated in the entire financial world.'' Schaeuble and Merkel said that it is crucial that all Europeans now rally behind a candidate.

Merkel on Saturday stopped short of formally endorsing Lagarde but said she was a "distinguished'' and "very experienced'' personality. The IMF insists that Strauss-Kahn's departure has not hurt its day-to-day operations, but it is clearly under pressure to find a successor fast to lead an organization that provides billions in loans to stabilize the world economy.