Christine Lagarde , 62 , has been at the helm of the International Monetary Fund ( IMF ) for the last seven years . During that time , she has worked to improve the image of an organization that still meets with significant rejection in Latin America , most particularly in Argentina . On a trip to Buenos Aires for a meeting of G20 finance ministers , Lagarde sat down with EL PAÍS to explain how the IMF is changing , and to discuss growing concerns about poverty , inequality and a potential trade war between the US and the EU . Question . How does it feel to be the head of the IMF and travel to Argentina , possibly the country that is the angriest at your organization ? I hope that all women who take over from a man will insist on earning the same or more Answer . We are normalizing relations . I ’ ve felt a mix of sympathy and curiosity , but no ill-will against me . They asked me questions about the past , which was very difficult for this country , but I also see a decisiveness to be a member of the international community , to open up . And the relationship with the IMF is part of that normalization process , of being back in the game . Q . Does the IMF need to do some self-criticism about its past ? A . Of course . We have an Independent Evaluation Office that does not report to me , and which seeks to identify errors . It really looks at the social protection levels involved in our recommendations . We are not the guardians of truth . We want to design the best programs so that countries will achieve autonomy and a healthy economy . But we make mistakes , and we need to analyze these and fix them . Q . What was the IMF ’ s greatest mistake during those great Latin American and Asian crises of the late 1990s ? A. I don ’ t think those situations can be analyzed as IMF mistakes . When they called us for help , the mistakes had already been made , there were already shocks . But yes , we underestimated societies and economies ’ ability to absorb such tough , frontal treatments . At the time it was believed that these kinds of measures , while tougher , would get them out of trouble quicker . At times we went in too deep and too fast for society to deal with it . And we have already analyzed that we underestimated the impact of the multipliers . Q . Do you feel more at ease with the shift towards more orthodox policies in several Latin American countries ? The first people to lose in a trade war will be the poor , the underprivileged A . Another lesson we learned from the past is that each country has its own situation . I think that Venezuela , Mexico , Argentina and Paraguay are different . It ’ s true that the economic situation has greatly improved . The two giants , Brazil and Argentina , have emerged from their respective recessions . The price of raw materials has recovered . Q. Venezuela is the great exception . Will the IMF ultimately step in ? A. Venezuela is the saddest story on the continent . In four years its GDP has shrunk by 40 % , there is a humanitarian crisis , and the government is in denial . I don ’ t know how this is going to be resolved , but it will require humanitarian and financial assistance . Q. Couldn ’ t these orthodox policies bring more inequality , as in the past ? A . You might define [ Argentina president Mauricio ] Macri as a liberal because of his economic vision , but he is clearly focused on reducing poverty . Latin America is one of the few regions in the world where inequality is shrinking , even though the starting point is very high . Q . Are you concerned about a trade war between the US and the European Union ? Where are we headed ? A. I hope we are not embarking on the war path . That would be very detrimental to all the good consequences of trade that we have lately seen , such as growth , innovation , and improving the lives of many people . I hope we can return to dialogue . I ’ m not saying that trade is a bed of roses . It ’ s true that it produces many benefits , but also generates disadvantages . We have to review a few things . But it ’ s too soon . Venezuela is the saddest story on the continent Q . Who will win ? A . Nobody . Trade wars are not games that can be won . Nobody wins . If there is less growth , less innovation , a higher cost of living , the first people to lose out will be the poor , the underprivileged . Q . Who can stop this ? The IMF , the G20 , the World Trade Organization ( WTO ) ? A . It has to be the countries themselves , through consensus . They need to find solutions to the disadvantages , to the inequality generated by trade . We can only be the forum where members find a solution . It depends on political will . Q . Could this be like the 1930s , when after the Great Depression there was a wave of protectionism ? A. I hope not . We did not have a depression , but a great recession . And the world economy is out of that recession . We are seeing growth back at pre-crisis levels . The situation is different . I hope that people who consider themselves civilized will be able to learn from history and not repeat the mistakes of the 1930s . Q . Is US President Donald Trump breaking the world order of the last 70 years , the one that emerged from Bretton Woods and produced the IMF and other world bodies ? A. I have no reason to believe that this is the US ’ vision . The country has played a key and often exclusive role in promoting our organizations . The US was often the leader among IMF members , and I don ’ t see why it should abandon that role . At times we went in too deep and too fast for society to deal with it Q . What do you think about the fact that millions of women earn less than their male counterparts for performing the same tasks ? A. I hope that all women who take over from a man will insist on earning the same or more . The salary gap is 16 % , and in some countries it reaches 24 % . Part of it can be explained because women perform other jobs , or because of maternity . But a large chunk of it has no explanation , and must be eradicated . Q . You were the first female minister of the G7 , director of the IMF ... will you be the first female president of France or governor of the European Central Bank ? A . No , no , no , no . My son got married yesterday , and I ’ m thrilled . For the first time in my life I am a mother-in-law . Now I ’ m hoping to get some grandchildren . English version by Susana Urra .
International Monetary Fund chief discusses inequality and global growth on a trip to Argentina for a G20 meeting