IMF appoints new chief economist

Christine Lagarde, managing director of the International Monetary Fund (IMF), late Monday announced the appointment of Maurice Obstfeld as the IMF's economic counsellor and director of the research department.

Obstfeld succeeds Olivier Blanchard. He is expected to begin his work at the fund on September 8, Xinhua news agency reported.

"I am thrilled to have Maurice join us at the fund. His outstanding academic credentials and extensive international experience make him exceptionally well-placed to provide intellectual leadership to the IMF at this important juncture," Lagarde said in a statement.

"He is known around the globe for his work on international economics and is considered one of the most influential macroeconomists in the world," she added.

A professor of economics and former chair of the Department of Economics at the University of California, Berkeley, Obstfeld has advised many governments and consulted at central banks all over the world. He is currently a member of US President Barack Obama's council of economic advisers.