Strauss-Kahn is new IMF chief

Strauss-Kahn will begin his five-year term on November 1 and succeeds Rodrigo Rato, who resigned in July and steps down after the fall meeting of the IMF in mid-October.

“The executive board of the International Monetary Fund has just chosen me to succeed Rodrigo de Rato as managing director,” Strauss-Kahn said in a statement. “This is for me a joy, honour and responsibility,” he added.

A European has led the global financial institution since its post-World War Two inception in 1945. But the IMF’s legitimacy has been questioned by emerging economic powers. Strauss-Kahn pledged to continue with reforms that would restore the legitimacy of the institution. “I am determined to pursue the reforms for financial stability, serve the international community, while fostering growth,” he added.