Indeed, newly-elected IMF chief, Christine Lagarde faces a series of challenges, such as confronting the European debt crisis and the reform of the IMF in her term.

France's Finance Minister Christine Lagarde

Among the challenges, she will have to prod fellow Europeans to take painful steps to prevent a default by Greece. She'll also face pressure from developing nations that want a greater voice at the IMF.

And she'll be looked upon to restore the IMF's reputation, which was tarred by a scandal involving Dominique Strauss-Kahn, the man she's replacing. Most urgently, she will be expected to help stabilize Europe's debt crisis.

As one of the longest-serving ministers under French President Nicolas Sarkozy, Lagarde made the country's labor market rules more flexible. Forbes magazine has listed her as one of the world's most powerful women.

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