The IMF's David Hawley
Media playback is unsupported on your device
Video

Christine Lagarde named new IMF director

The International Monetary Fund's David Hawley has announced that French finance minister Christine Lagarde will be the organisation's new managing director.

Widely tipped to get the job, she was up against Mexico's Central Bank Governor Agustin Carstens.

She replaces Dominique Strauss-Kahn, who resigned last month after being arrested in New York on charges of sexual assault. He denies the charges.