0.02
At the Swiss university of Sankt Gallen, IMF managing director Christine Lagarde is discussing the most burning questions of the Eurozone crisis.
0.12-0.17 Christine Lagarde, managing director of the International Monetary Fund
I wouldn't say that it's a global mess at the moment; I would say that it's a fragmented recovery.
0.19
As head of the International Monetary Fund, Lagarde deals directly with EuroZone crisis recovery strategies - there would be no Eurozone bailouts without the support of the IMF.
0.32
Lagarde has become a hugely important figure in the world of global finance; she walks the corridors of power with an easy confidence. And She's not afraid to voice unpopular truths.
Although the IMF's international hq is in Washington, Lagarde follows a tradition of Europeans running the organisation. She now has a deciding influence over whether struggling member states will receive a loan from the body's funds, which currently amount to over 550 billion euros.
1.07 -1.24 Wilfried Stadler, financial economist, University of Economics
The IMF was set up to provide financial support to countries which face currency and debt difficulties, when the international financial markets are no longer prepared to grant them money.
1.24 -1.41 Christine Lagarde
The IMF tries not to be just a fireman. But we're also trying to propose renewed architecture and better structure for the future. Are we going to prevent crisis going forward? Probably not, because capitalism is a system that moves in a way from crisis to crisis.
1.43
Many countries experience periods of economic difficulty, and have their own histories of hard times: For example the UK and Italy felt the strain in the 70s, Russia and Asia in the 90s; or the problems Greece and Cyprus face today.
1.57
As the boss of a billion dollar helpline, Christine Lagarde may be the most powerful woman in the world. Time Magazine wants to know if she can save Europe.
2.13
She grew up in the French seaside town of Le Havre, together with her three siblings. Soon this swimming pool became her second home, and at 13 she joined a synchronised swimming team.
2.26
Marion Lassarat was among her teammates.
2.32-2.36 Marion Lassarat, former synchronised swimmer
This is Christine. Together with our team.
2.38- 2.43 Marion Lassarat
Here having a little snack.
2.45
The daughter of a university professor and school teacher made it all the way to the french national team.
2.53 -3.02 Marion Lassarat
She always reached her goals, but never at the expense of others. She had never displaced anyone.
3.03
It wasn't until Lagarde began working as a lawyer in Paris that she experienced open discrimination against women for the first time.
3.12
Journalist Marie Visot, wrote a biography of Lagarde, and studied her early career.
3.19 -3.40 Marie Visot, biographer
At her first job interview, the boss said to her: 'For the first six months you'll be filing papers, and then you'll just have kids. That'll be it as far as your career’s concerned'. Lagarde didn't get the job, but she started work at another law firm where she fought hard in a male-dominated world.
3.42
At 25 she moved to work as lawyer in the US, eventually becaming the company’s first foreign female managing director.
3.50
Chicago left its mark on her - she speaks flawless English; Her style is tough and cordial; She also learnt to lay off incompetent employees - the American way.
4.05
Lagarde made the transition into politics at the age of 51, when Nicolas Sarkozy made her the Minister of Agriculture.
4.17-4.21 Christine Lagarde
We've also discussed the promotion of the plum industry.
4.23
But this is only where the fun began. From the ministry of Agriculture she went on to become the first female Finance Minister. She had a shaky beginning in public life. The media were overjoyed and pounced, when - in response to rising fuel prices - she advised French citizens to switch to bicycles.
4.46
This period also brought a scandal which dogs her to this day: after a legal dispute with a bank, Lagarde enabled financial compensation to businessman Bernard Tapie, bringing accusations that she had misused public money.
During the investigation, her Paris apartment was raided, and the outcome of the case is not yet settled.
5.10
In May 2011, a different scandal served as a springboard for her career: Dominique Strauss-Kahn, the director of the IMF was accused of sexual assault on a hotel employee. Although the charges were later dropped, Strauss-Kahn was forced to resign from his post.
Christine Lagarde quickly joined the race to become his replacement.
5.37 -5.54 Christine LAGARDE
Being a European should not be a plus, but shouldn't be a minus either. And I'm not arguing for my candidacy because of the fact that I'm a European but because I've been engaged in setting up those financial institutions that have helped in the bailouts that we've put in place.
5.57
Her role as an outsider became her greatest strength. Christine Lagarde - the woman from male-dominated world, the lawyer in the bastion of economists, the misfit amongst regulations - stood for change and reform.
And she promised modernisation to emerging countries.
6.18-6.41 Christine Lagarde
We agreed that the reform that has been undertaken, that has begun to affect the fund, must continue and be developed around two principles, which in my view are critical. Number one: the principle of inclusiveness, reaching out to all, and second, the principle of diversity.
6.41
Christine Lagarde became managing director of the IMF on an appointment platform of reform and progress. But her hardline proposals have caused some controversy in her homeland.
6.56 -7.29 Marie Visot, biographer
As the director of the IMF, she feels more affinity with German austerity plans rather than the French ones. She gets on well with the German finance minister Schäuble...
In recent weeks she's been forced agree on smaller cut plans, which would not threaten growth. This direction is closer to the French one, but in principle she agrees with the German politics.
7.32
President of the National Bank of Austria Ewald Nowotny has enjoyed dealing with her since she became the French Finance Minister.
7.41 -8.08 Ewald Nowotny
What I like about her is her cool self-confidence, she is always really alert. Very well informed. She also really reads her documents, and addresses arguments. It's easy to talk to her, to talk to her honestly.
8.08
Lagarde is a relentless voice calling for European reform.
8.14-8.18 Christine Lagarde
We're loosing momentum... We're loosing momentum and implementation
8.18 -8.43 Marie Visot
When she started off working at the top of the IMF, she had a lot of understanding for Europe. The crisis was in full swing. Recently, she’s found that Europe doesn't act fast enough, doesn't come to the right decisions, that it's always limping a step behind.
8.43
Lagarde sees the world moving at three speeds:
8.47- 9.19 Christine Lagarde
Where a group of economists, the emerging markets and developing countries are driving the bus, if you will, cruising at about 5,3% growth this year, a second group including the United States and Switzerland for that matter, as well as Sweden for instance are in second gear, picking up gradually despite significant issues that they have to grapple with, and then the third group, which is struggling to get into gear, that includes the Euro-zone and to a certain degree Japan...
9.22
Lagarde also challenges European governments head-on. She’s called for a reduction of the amount that will be repaid to public money lenders, in a move opposed by Chancellor Angela Merkel; Germany has had to invest the most to save the Eurozone.
9.35-9.53 Wilfried Stadler
Christine Lagarde has the often unpleasant role of the trailblazer in the context of the European debt crisis. She has to advocate ideas which require a lot of political preparation before they become widely accepted.
9.57
Whether a year and a half ago at the meeting of the World Bank and the IMF...
... or recently at the summit of central bank directors and finance ministers – the group photo always looks the same. Lagarde remains an exception in the male-dominated world of international finance, but she is much more than just a token women.
10.16 Wilfried Stadler
What she does, reminds me of an attempt to turn the 17 European member states back into synchronised swimmers, as they were before the crisis. If she manages that, Christine Lagarde will become the most successful synchronised swimmer of all time.
10.35
As the Eurozone teeters on the brink, Christine Lagarde now faces the biggest challenge of her career; and her decisions over Greece, Cyprus and the whole of the Eurozone will directly affect the lives of millions of people.
10.52
Credits
Report: Katinka Nowotny
Collaboration: Barbara Schieder
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Camer: Jean Cadin /Klaus Ferstl
Edit: Carolin Hutle / Sebastian Hennig