Meet the IMF leadership candidates

The International Monetary Fund will choose between France's Christine Lagarde and Mexico's Agustin Carstens this week for its new executive director, following the May 18 resignation of Dominique Strauss-Kahn.

Here's some background on the two candidates:

CHRISTINE LAGARDE: The 55-year-old French finance minister, lawyer and former Baker & McKenzie executive has built solid alliances across the leading nations of the G20 during the 2008-2009 financial crisis.

With Europe determined to hold onto the job, she confirmed her candidacy with the region's backing very early and embarked on a global charm tour, stressing her determination to run the IMF for all countries and to address the under-representation of emerging economic giants in the Fund.

Her supporters say she will be able to pick up quickly where Strauss-Kahn left off, handling Europe's crises; her critics fault her nearness to the problems.

A pending French legal probe into alleged abuse of power also hangs over her head; a decision on whether to allow the probe has been put off to July 8, after the IMF board expects to make its choice.

AGUSTIN CARSTENS: Lagarde's main challenger, the Mexican central bank governor 53, has a strong record in IMF activities, both on the receiving end as Mexico's finance minister, and as IMF deputy managing director from 2003-2006.

He is credited with helping innovate IMF programs for countries needing support but not immediately in crisis. "Carstens has had more widespread and more lasting experience dealing with the range of issues that the IMF handles," said Fred Bergsten of the Peterson Institute.

Slow to launch his campaign compared to Lagarde, he failed in his initial bid to get backing from Mexico rival Brazil.

But he argues that he is better placed to deal with the immediate problems in Europe, where the IMF has large bailouts underway, with a more unbiased eye.