The International Monetary Fund its board re-elected Managing Director Christine Lagarde to a second five-year term, starting on July 5. Lagarde, 60, who was the only candidate, was backed by the UK, Germany, China, and her home country, France, to stay on for another five years. She has led the IMF since 2011 and proved a strong contrast to her predecessor, Dominique Strauss-Kahn, who was forced to resign after he was accused of attempted rape in a New York hotel. The allegation was later dismissed.

Lagarde, who took over the post in 2011, has overseen an easing of Europe’s sovereign debt crisis and has implemented changes to give greater influence in the Fund to emerging markets including China and Brazil. During her first term, Lagarde won praise from developing countries for providing greater practical support for their efforts to recover from the financial crash and backing their demands for greater representation on the IMF board.

Speaking with reporters after her reelection was announced, Lagarde warned the world’s richest countries to be careful about the economic spillovers from their policy decisions.

Lagarde said: “The global economy is undergoing a number of important transitions and we are focused on helping our membership navigate these successfully. The Fund remains committed to its fundamental goal of helping to ensure global economic and financial stability through international cooperation.”