French Finance Minister, Christine Lagarde, has formally announced her candidacy to run for the top job at the International Monetary Fund.

Lagarde confirmed just over an hour ago in Paris, but ruled out immediately stepping down from her post as French Finance Minister. Many European countries, including Germany and Britain, have backed Lagarde to run the IMF.

The IMF's last managing director, Dominique Strauss-Kahn, quit last week after he was accused of sexual assault. Lagarde emerged as the European front-runner, in part, on her reputation for her deftness at international negotiations to stabilize the world economy. She was also seen as instrumental in getting the IMF and EU to agree on rescue plans for Greece, Ireland and Portugal.