Lagarde announces IMF candidacy

Christine Lagarde has announced her candidacy to be the next head of the International Monetary Fund (IMF).

The French finance minister had been an early favourite to replace Dominique Strauss-Kahn, who resigned last week to fight sex assault charges in New York.

Lagarde has the support of much of Europe but emerging, co-called BRIC countries have called the tradition of a European always leading the IMF "obsolete".