Strauss-Kahn set to become IMF managing director

In keeping with tradition, the International Monetary Fund (IMF) has recruited another EU-backed appointee - Dominique Strauss-Kahn, the former French finance minister - to succeed Rodrigo de Rato as head.

Strauss-Kahn described the appointment as a "joy, honour, and responsibility". He said that he was "determined to pursue without delay the reforms needed for the IMF to make financial stability serve the international community."

Klaus Stein, the German executive director at the Fund,

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