Osborne backs Lagarde for second IMF term

Christine Lagarde 2013 700x450.jpgGeorge Osborne has backed Christine Lagarde for a second term at the helm of the International Monetary Fund.

The chancellor has nominated Lagarde to serve another five-year term as managing director at the IMF, with her current term ending in July.

Today marks the start of a three-week nomination period for the next IMF head, after which the board of 24 directors will select the best candidate.

Lagarde has indicated she wants to stay at the IMF, although some in other regions have questioned the continued presence of a European leader for the group.

Lagarde’s nomination may be marred by the fact she faces a possible criminal trial in France, in a case involving a payment to businessman Bernard Tapie in 2008.