IMF nominates managing director Lagarde for second term

In this April 18, 2015 file photo, International Monetary Fund (IMF) Managing Director Christine Lagarde, speaks during a news conference after the IMFC meeting at the World Bank-International Monetary Fund annual meetings in Washington. ( AP Photo/Jose Luis Magana, File)

WASHINGTON -- The International Monetary Fund has nominated managing director Christine Lagarde for a second five-year term.

The IMF executive board said Thursday that Lagarde was the only candidate nominated.

In 2011, Lagarde was named the IMF's 11th managing director. She is the first woman to hold the position.

Lagarde, 60, has led the multinational lending agency through the European debt crisis and a period of global economic stagnation which she's labeled as the "New Mediocre."

Before joining the IMF, she was an international lawyer. She also has served as France's minister of trade, agriculture and finance. During the financial crisis of 2008, she led a council of European Union finance and economic ministers.