French Finance Minister Christine Lagarde looks set to emerge on Tuesday, June 28, as the International Monetary Fund's new chief, maintaining the tradition of a European heading the global lender, Reuters reports

Lagarde, 55, should easily get the majority support of the IMF's board over Mexico's central bank governor, Agustin Carstens, to become the first woman to head the institution.

While Carstens will get the backing of Latin America, Canada and Australia, his support appears too thin to break Europe's 64-year hold on the IMF post.

The 24-strong IMF board meets on Tuesday to finalize a process that began in May after Dominique Strauss-Kahn resigned as IMF managing director to defend himself against charges of sexual assault and attempted rape. He denies the charges.

IMF board directors, who represent the fund's 187 member countries, want to try to reach a consensus decision on a successor that would allow them to avoid a formal vote. It is possible the process could spill into Wednesday.