Christine Lagarde

Christine Lagarde
Born	Christine Madeleine Odette Lallouette 1 1, 1956
Birthplace	Paris, France
Nationality	French
Occupation	Central banker, lawyer, politician
Title	President of the European Central Bank
Known for	President of the European Central Bank; former Managing Director of the International Monetary Fund; former French Minister of Finance
Education	Paris Nanterre University (law degree); Sciences Po Aix (Master's degree)
Children	2
Awards	Financial Times Best Finance Minister in the Eurozone; Forbes World's 100 Most Powerful Women (multiple years)
Website	[https://www.ecb.europa.eu Official site]

Christine Madeleine Odette Lagarde (née Lallouette; born 1 January 1956) is a French lawyer, politician, and central banker who has served as the president of the European Central Bank (ECB) since 1 November 2019. Before assuming leadership of the ECB, Lagarde served as the 11th Managing Director of the International Monetary Fund (IMF) from 2011 to 2019, and prior to that held several ministerial positions in the French government, most notably as Minister of the Economy, Finance and Industry from 2007 to 2011. She is the first woman to have held each of these positions — the first female head of the ECB, the first female managing director of the IMF, and the first woman to serve as finance minister of a Group of Eight economy. Before entering public service, Lagarde built a distinguished career in international corporate law at Baker & McKenzie, where she became the first woman to chair the global firm. Forbes has ranked Lagarde as the second most powerful woman in the world on multiple occasions, including in 2019, 2020, 2022, 2023, 2024, and 2025. Her career has spanned the worlds of law, politics, and international finance, placing her at the center of major global economic events including the 2008 financial crisis, the European sovereign debt crisis, and the ongoing transformation of European monetary policy.

Early Life

Christine Madeleine Odette Lallouette was born on 1 January 1956 in Paris, France. She was raised in Paris and grew up in a family that valued education and intellectual achievement. Details of her early childhood and family background have been discussed in various French media profiles, though Lagarde has generally maintained a degree of privacy about her formative years.

As a young woman, Lagarde demonstrated a strong aptitude for academics and competitive sports. She was a member of the French national synchronized swimming team, an experience she has cited in later interviews as having instilled discipline and teamwork — qualities that would prove useful throughout her career in law, business, and government.

Lagarde's birth surname was Lallouette; she later took the name Lagarde. She has two sons.

Education

Lagarde pursued her higher education in France, studying law at Paris Nanterre University, one of the country's prominent public universities with a strong reputation in the legal and social sciences. She graduated with a law degree and subsequently obtained a Master's degree from Sciences Po Aix (the Institut d'Études Politiques d'Aix-en-Provence). Her legal training provided the foundation for her subsequent career in international corporate law. After completing her studies, Lagarde was admitted to the Paris Bar, qualifying her to practice law in France. She later served on the board of directors of Sciences Po Aix, reflecting her continued ties to the institution.

Career

Baker & McKenzie (1981–2005)

After being admitted to the Paris Bar, Lagarde joined the international law firm Baker & McKenzie as an associate in 1981. She specialized in several areas of law, including labour law, anti-trust law, and mergers and acquisitions. Her expertise in complex cross-border legal matters allowed her to rise steadily through the firm's ranks over the course of nearly a quarter century.

In 1995, Lagarde was appointed to the executive committee of Baker & McKenzie, becoming the first woman to serve on the committee of one of the world's largest law firms. Her rise continued when, in 1999, she was elected as the chairperson of Baker & McKenzie's global executive committee — again, the first woman to hold this position at the firm. She served as chair until 2004, overseeing the strategic direction of the firm during a period of significant growth in international legal services.

Lagarde's tenure at Baker & McKenzie established her reputation as a leader in international business and law. Her experience managing a global organization with offices across multiple continents gave her a background in navigating diverse regulatory environments and complex institutional dynamics — skills that would serve her well in her subsequent government and international finance roles.

French Government Service (2005–2011)

Minister for Foreign Trade (2005–2007)

Lagarde's transition from the private sector to public service came in 2005, when she was appointed France's Minister for Foreign Trade under Prime Minister Dominique de Villepin. She served in this role from 2 June 2005 to 15 May 2007. As Minister for Foreign Trade, Lagarde was responsible for promoting French exports and international commercial relationships. During this period, she worked to enhance France's trade competitiveness and to support French businesses operating in global markets.

Minister of Agriculture and Fisheries (May–June 2007)

Following the election of Nicolas Sarkozy as President of France and the formation of a new government under Prime Minister François Fillon, Lagarde was briefly appointed Minister of Agriculture and Fisheries. She held this position for approximately one month, from 18 May to 18 June 2007, succeeding Dominique Bussereau and being succeeded by Michel Barnier.

Minister of the Economy, Finance and Industry (2007–2011)

On 19 June 2007, Lagarde was appointed Minister of the Economy, Finance and Industry, making her the first woman to hold the finance portfolio of any G8 nation. She served in this capacity under Prime Minister François Fillon until 29 June 2011, when she departed to assume the leadership of the IMF.

Lagarde's tenure as France's finance minister coincided with one of the most severe global economic downturns since the Great Depression. She oversaw the French government's response to the 2008 financial crisis, coordinating stimulus measures, bank stabilization efforts, and international policy responses. Her handling of the crisis earned her significant recognition; the Financial Times ranked her as the best finance minister in the Eurozone during this period.

During her time as finance minister, Lagarde also dealt with the early stages of the European sovereign debt crisis, which would come to dominate the economic policy landscape of the eurozone in subsequent years. She advocated for coordinated European responses to sovereign debt challenges and played a role in shaping France's position on fiscal policy and financial regulation within the European Union.

Bernard Tapie Arbitration

A significant controversy arose in connection with Lagarde's role in the resolution of a long-running dispute between the French state and businessman Bernard Tapie. The dispute centered on Tapie's claim that Crédit Lyonnais, a state-owned bank, had defrauded him in the sale of his stake in Adidas. In 2007, Lagarde, as finance minister, authorized the use of a private arbitration panel rather than allowing the case to continue through the courts. The arbitration resulted in a €403 million award to Tapie.

The decision to use arbitration rather than pursue the matter through the judicial system drew scrutiny and legal investigation. In December 2016, a French court convicted Lagarde of negligence in connection with the affair but did not impose any penalty, a ruling that was unusual in French jurisprudence. Lagarde maintained that she had acted in the public interest and that the arbitration was the appropriate course of action.

International Monetary Fund (2011–2019)

First Term (2011–2016)

On 5 July 2011, Lagarde was elected Managing Director of the International Monetary Fund, succeeding Dominique Strauss-Kahn, who had resigned following his arrest in New York on criminal charges. Her appointment was announced through an official IMF press release, and she became the 11th consecutive European to head the institution.

Lagarde's candidacy received broad international support. India publicly endorsed her bid, with then-Finance Minister Pranab Mukherjee stating that she was well-suited for the role. During her candidacy, Lagarde expressed her desire for a European consensus behind her appointment, seeking to build a broad coalition of support within Europe before her formal selection.

As head of the IMF, Lagarde managed the institution's response to a range of global economic challenges, including the ongoing European sovereign debt crisis, which required the IMF to participate in financial rescue programs for Greece, Ireland, Portugal, and Cyprus. She also oversaw IMF engagement with emerging market economies and was involved in debates over global financial regulation, currency policy, and the governance structure of the IMF itself.

During her first term, Lagarde was involved in controversy surrounding the so-called "Lagarde list," a document containing the names of approximately 2,000 Greek nationals with accounts at the HSBC branch in Geneva, Switzerland. The list had originally been obtained by French authorities and was passed to Greece. When the list was leaked by Greek journalist Kostas Vaxevanis in 2012, it sparked a major political scandal in Greece, where there was public anger over tax evasion by wealthy citizens during a period of severe austerity. Vaxevanis was put on trial for breach of privacy but was acquitted.

Second Term (2016–2019)

In July 2016, Lagarde was selected by consensus for a second five-year term as Managing Director of the IMF, beginning on 5 July 2016. She was the sole candidate nominated for the post. Her second term was marked by continuing work on global financial stability, responses to economic slowdowns in various regions, and efforts to promote inclusive growth and gender equality within the global economy.

Lagarde's second term at the IMF was cut short when, in 2019, she was nominated to succeed Mario Draghi as president of the European Central Bank. She formally resigned from the IMF in September 2019, and was succeeded by Kristalina Georgieva of Bulgaria.

European Central Bank (2019–present)

Lagarde assumed the presidency of the European Central Bank on 1 November 2019, succeeding Mario Draghi. Her vice president at the ECB is Luis de Guindos. As ECB president, Lagarde has presided over one of the most turbulent periods in the history of European monetary policy, encompassing the economic disruptions caused by the COVID-19 pandemic, a surge in inflation across the eurozone beginning in 2021, and the economic fallout from the Russian invasion of Ukraine.

In February 2026, Lagarde appeared on the CBS News program Face the Nation with Margaret Brennan, where she addressed the impact of U.S. trade policy on the global economy. She expressed hope that any new U.S. tariff plan would be "thought through" and would comply with constitutional requirements, while noting that upheaval in U.S. trade policy could be disruptive to business. In the same period, Reuters reported that Lagarde stated her baseline intention was to finish her term at the ECB.

However, internal tensions at the ECB were reported in February 2026, with Bloomberg reporting that staff were confused and irritated by reports that Lagarde might quit before the end of her term.

Also in February 2026, Lagarde advocated for European Union reform through smaller groupings of willing countries, rather than requiring unanimity among all 27 member states. In an interview with the Wall Street Journal reported by Politico, she backed "coalitions of the willing" to push forward capital markets reform and other long-delayed economic changes. On 23 February 2026, the ECB published a speech by Lagarde titled "Turning size into scale: Europe's new growth model," delivered in Washington, D.C., in which she discussed the structural transformation needed for European economic competitiveness.

A separate controversy emerged in February 2026 when the Financial Times reported that Lagarde had received approximately €140,000 per year from the Bank for International Settlements (BIS) as a board member, despite an ECB ban on staff receiving additional external payments. The report generated scrutiny and backlash, with Euronews characterizing Lagarde as being "in hot water" over the additional salary.

Personal Life

Lagarde has two sons. Her long-time partner is Xavier Giocanti, a French businessman from Marseille. Lagarde was previously married, taking the surname Lagarde from her first husband; her birth name was Lallouette.

Lagarde was a member of the French national synchronized swimming team in her youth, an experience she has spoken about publicly as having shaped her approach to teamwork and discipline. She is known for her fluency in English, a skill that set her apart from many of her contemporaries in French politics and facilitated her work in international institutions.

Lagarde has been associated with the Union for a Popular Movement (UMP), the center-right political party in France, during her period of government service from 2007 to 2011. In the European context, she has been affiliated with the European People's Party.

Recognition

Lagarde has received substantial recognition throughout her career. The Financial Times named her the best finance minister in the Eurozone during her tenure as France's Minister of the Economy, Finance and Industry, in acknowledgment of her handling of the 2008 financial crisis.

Forbes magazine has repeatedly placed Lagarde near the top of its annual list of the World's 100 Most Powerful Women. She was ranked number two on the list in 2019, 2020, 2022, 2023, 2024, and 2025, reflecting her position at the helm of one of the world's most influential central banks.

Her appointment as the first female head of Baker & McKenzie's global executive committee, the first woman to serve as a G8 finance minister, the first female Managing Director of the IMF, and the first female president of the ECB have made her one of the most prominent women in global finance and governance. These milestones have been noted extensively in the international press, including by The New York Times, El País, and other major publications.

Lagarde also served on the board of directors of Sciences Po Aix, the institution where she completed her Master's degree, reflecting her continued engagement with educational institutions.

Her role as a leading figure in the Arab world's engagement with international financial institutions was highlighted by coverage in the Arabic-language press, including Al Arabiya, particularly during her tenure at the IMF.

Legacy

Christine Lagarde's career has been defined by a series of historic firsts. As the first woman to chair a major global law firm, the first female finance minister of a G8 country, the first woman to lead the IMF, and the first female president of the ECB, she has broken barriers in institutions that had been led exclusively by men for decades.

Her management of the French government's response to the 2008 financial crisis and her subsequent leadership of the IMF during the European sovereign debt crisis placed her at the center of some of the defining economic events of the early 21st century. At the ECB, she has overseen monetary policy during the COVID-19 pandemic and a period of significant inflationary pressure across the eurozone.

Lagarde's advocacy for European economic reform, including her support for "coalitions of the willing" to advance capital markets union and other structural changes, has positioned her as a voice for institutional evolution within the European Union. Her February 2026 speech on "Turning size into scale" articulated a vision for a new European growth model built on competitiveness and structural reform.

Her career, however, has not been without controversy. The Bernard Tapie arbitration affair led to a criminal conviction for negligence, though no penalty was imposed. More recently, questions about her receipt of BIS payments have raised governance concerns. These episodes have been part of a broader public assessment of her record that encompasses both her achievements and the scrutiny that comes with holding the highest levels of institutional power.