Francois Baroin to replace Lagarde as finance minister

| June 30, 2011 | 0 Comments
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It has been confirmed that 46-year-old Francois Baroin will take over from Christine Lagarde as France’s finance minister.

French President Nicolas Sarkozy confirmed the appointment yesterday.

The announcement comes after Ms Lagarde became the managing director of the International Monetary Fund (IMF) – the first ever woman in the role.

Ms Lagarde replaced Dominique Strauss-Kahn who was forced to step down as head of the IMF after being accused of sexually assaulting a hotel maid in New York.

Meanwhile, Mr Baroin’s role as finance minister will be to work with other European finance ministers to try to find a way to end the debt crisis in the euro zone.

In related news, it has been revealed the French economy, which is the euro zone’s second largest, grew less than expected in the first quarter.

According to Insee, the economy expanded by 0.9% in the January to March period, rather than the 1% previously estimated.

The national statistics institute is estimating growth of 2.1% for 2011 – far lower than the 3.7% forecast for Germany, which is the euro zone’s largest economy.

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