The IMF's David Hawley
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Christine Lagarde named new IMF director

28 June 2011 Last updated at 19:25 BST

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.