She will replace Dominique Strauss-Kahn, who stood down as the head of the IMF in May after he was charged with sexual assault and attempted rape by American authorities.

Prior to becoming a political figure, Lagarde was a senior partner with Baker & McKenzie. She spent nearly 25 years at the firm, becoming its first female global chair in 1999 and being appointed as the head of the global strategic committee in 2004.

Lagarde assumes the role as the head of the IMF at a time when many European economies are at crisis point. She has already called on the Greek public and political parties to support austerity measures that the IMF has tied to the country in receiving further aid.

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Protests against the austerity measures turned violent in Greece this week, where a 48-hour strike is currently being held as public opposition to the measures grows.

Lagarde formally assumes her new role on 5 July.