US backs Lagarde to head IMF

[emezico]

Christine Lagarde has taken a step closer to becoming the new head of the International Monetary Fund (IMF) after her candidacy was formally backed by the US.

The move by the US comes as the IMF's 24-strong board is meeting to agree on its new managing director.

Analysts say Ms Lagarde is now all but certain to beat her rival candidate, Mexico's Central Bank Governor Agustin Carstens.

The IMF has always had a European head.