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Christine Lagarde Possible Candidate For New IMF Chief

CNBC.com
Thursday, 26 May 2011 | 6:54 PM ET

This is a transcript of top stories presented by China's CCTV Business Channel as produced by CNBC Asia Pacific.

Hi, I'm Saijal Patel and you're watching "Asia Market Daily".

French Finance Minister Christine Lagarde has officially thrown her hat in the ring - announcing her candidacy for the IMF's top job.

For more, CNBC's Stephane Pedrazzi filed this report, from the French city of Deauville.

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Stephane Pedrazzi, CNBC:
Christine Lagarde is now officially a candidate but she says she's not to claim victory too early, though she has the support from Europe, plus other countries. She declined to say which ones, but that seems to confirm that the United States and China would be ready to back her candidacy. Regarding emerging countries and their protests against this non-written agreement that gives Europe the leadership of the IMF, Christine Largarde made clear that being European or French shouldn't come as an asset, but shouldn't be a handicap either.

Christine Lagarde, Finance Minister of France:
I'm not a French candidate, I'm not a European candidate. I'm a European by background, a French by nationality and I'm universal by ambition and my ambition is to serve the institution, to serve the International Monetary Fund. I think that the fund doesn't belong to anybody. It belongs to 187 members. And the candidate in my view, with the position of Managing Director should belong to that institution.

In a later address to the board of the IMF, Christine Lagarde outlined the reasons for her candidacy. She believes that the IMF should continue to closely monitor all the debt crisis in Europe. By the way, she's still very opposed to any restructuring of the Greek debt and she also believes that the IMF should help North African and Middle East countries. Globally speaking, she promised to build an IMF that would be responsive, cooperative and legitimate.

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CNBC's Stephane Pedrazzi reporting there.

Well that wraps up the latest "Asia Market Daily". I'm Saijal Patel from CNBC, thanks for watching.

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