The former French finance minister Dominique Strauss-Kahn is to be the next head of the International Monetary Fund.
The 58-year-old former French presidential candidate take office as managing director on 1 November.
He succeeds Rodrigo Rato of Spain, the shortest-serving managing director in IMF history.
Mr Rato, who took office in May 2004, surprisingly announced in late June he was stepping down in October for personal reasons.
The IMF's mission to bail out countries in crisis has been eclipsed by the newfound riches of former clients in the 1990s, such as Russia, Indonesia, South Korea, Argentina and Mexico, many of which have paid off their IMF debt.
In recent years, the IMF has searched for new missions for its 2,700 employees, including efforts to help poor countries, but with little effect.
