Added by Tania Sullivan on June 29, 2011
Francois Baroin was named to replace Christine Lagarde as Finance Minister. French President Nicolas Sarkozy made the announcement on Wednesday, one day after Christine Lagarde was appointed head of IMF.
Francois Baroin, long considered a loyalist of former President Jacques Chirac, succeeds Christine Lagarde at a time when France is facing a variety of challenging domestic political and economic issues. Minister Barion has a proven track record with regards to domestic issues that include the reform of France’s wealth tax system, and constitutional reform that targets regulations for balanced budgets, yet he currently has limited international experience.
Christine Lagarde, in contrast to Minister Barion, has extensive international experience that includes playing a key role in managing the Euro zone’s debt crisis. Another disadvantage is Minister Barion is not currently fluent in English.
Prior to being appointed Minister of Finance, Minister Baroin was held the role of Budget Minister and has a varied past that includes working as a journalist with Europe 1, a private radio station created in 1955.
Minister Baroin faces some difficult issues related to the Greek bailout package, working closely with the European Central Bank, and working with the private sector.