President Barack Obama has had his first conversation with Christine Lagarde (lah-GAHRD'), the new chief of the International Monetary Fund.
The White House says they spoke Friday about the global economy and recent developments in financial markets. Both agreed on the need for policies that foster growth and job creation in the short term and trimming budget deficits once the economic recovery takes hold at a solid pace. They also agreed on the importance of encouraging emerging economies, like China, to base economic growth more on domestic consumption instead of on exports to the U.S.
Lagarde replaced Dominique Strauss-Kahn as managing director of the IMF in July after he was accused of assaulting a hotel maid. Those charges were dismissed this week.