France's Finance Minister Lagarde lauches IMF bid

France's Finance Minister Christine Lagarde has officially thrown her hat in the ring, for a chance to head the IMF. She appears to be the front runner for the top job, despite objections by big emerging economies over Europe's "obsolete" lock on the job.

Christine Lagarde announced her candidacy on the eve of a G8 Summit of industrialized countries in Deauville, France, after she received wide European backing for the post.

She said, "I have decided to present my candidacy for the job. This decision was made after mature reflection. And I have a perfectly clear conscience about that affair."

The 55-year-old center-right politician, a former corporate lawyer, has won plaudits for her deft chairing of the G20 finance ministers and communication skills.

Lagarde gained fresh endorsements on Wednesday, with the head of the European Commission Jose Manual Barroso saying he fully supported her decision.

The OECD has also threw its support behind Lagarde before she announced her bid for the IMF's top job. The head of the organization, Angel Gurria says Lagarde meets all the criteria to replace Dominique Strauss-Kahn as director of the International Monetary Fund.

He said, "That certainly is welcome, but I think again Madame Lagarde herself would be the first one to say it is not a question of simply because you are a woman. But if it's a formidable woman like she is, well, of course, then you're talking business. It's difficult to find somebody with more merit. The Europeans have clearly picked up their best and the brightest."

But IMF directors from five emerging economies said Europe's longstanding exclusive deal to lead the IMF undermines the legitimacy of the Fund.

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