## Commencement Address at the Illinois Institute of Technology by Christine Lagarde, Managing Director of the IMF

_IMF News, May 16, 2015_

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## Bibliographic details
- Authors: Christine Lagarde
- Published: May 16, 2015

---

### Personal reflections and framing
- Occasion: Commencement at Illinois Institute of Technology, Chicago, May 16, 2015.
- Speaker: Christine Lagarde, Managing Director, International Monetary Fund.
- Personal connection: mother of one of the 2,591 graduates.
- Three guiding themes introduced for graduates:
  - Reinventing yourself and welcoming change and risks.
  - Standing up for your values and ideas.
  - Encouraging transformational change in others.

### 1. Reinventing yourself and taking “smart risks”
- Key life examples:
  - Exchange at age 17: left France for an American host family and school in Bethesda, Maryland — recounted as happening 42 years ago and described as transformational.
  - Professional shift: elected chairman of Baker & McKenzie in 1999; left private sector to join French government in 2005.
- Lessons and guidance:
  - Be prepared for change, be willing to take “smart risks”, and re-invent yourself.
  - Adopt a global perspective in personal and professional life.
- Relevant statistics and observations:
  - Forty-eight percent of IIT students are non-U.S. nationals hailing from 97 countries.
  - Trend noted: a growing number of international students will return home to pursue opportunities in fast-growing economies, particularly in Asia and Africa.
- Examples of disruption and unpredictable opportunities:
  - Noted firms that transformed industries without owning traditional assets: Airbnb, Uber, Facebook, and earlier Amazon.com.
- Quotation cited: Thomas Jefferson — “I am a great believer in luck and I find the harder I work, the more I have of it”.

### 2. Standing up for your values and ideas
- Personal anecdotes illustrating values in action:
  - Chose law school to defend death penalty cases; later the death penalty was eliminated in France.
  - Faced gender discrimination early in career — told she would never make partner because she was a woman; left the firm and used the experience as strengthening motivation.
- Areas highlighted for action:
  - Respect for others and gender equality.
  - Removing barriers that hold back women, especially in the technology sector.
- Evidence and implications:
  - Studies show that without female leaders, women are significantly less likely to win endorsement for their ideas than their male colleagues, translating into a loss of market opportunities and lower growth potential.
- Demographic projection:
  - By the end of this decade, millennials will make up half the U.S. labor force.
- Practical encouragements:
  - Stand up for respect and fairness now; use social media, personal influence, and voting — “with your money, with your feet, and with your ballot”.

### 3. Encouraging transformational change in others
- IMF example during the Euro Area sovereign debt crisis:
  - In 2011, IMF research highlighted European banks holding bonds worth only a fraction of their book value, warning of a possible “Lehman Brothers moment.”
  - Result: over the following 12 months, banks raised hundreds of billions of euros in fresh capital and European leaders revamped regulatory structures to create a safer banking system.
- Role of institutions:
  - The IMF lends money to countries in distress and sounds global alarm bells to encourage global cooperation; described as a “ruthless truth-teller” (John Maynard Keynes).
- Leadership lesson:
  - To inspire others you must move out of your comfort zone; transformation requires “guts, grit, and generous amounts of time and energy.”
- Forms of engagement recommended:
  - Mentoring, teaching, running programs, listening and supporting peers — all contribute to mutual transformation.

### Conclusion and charge to graduates
- Overall message: welcome change and risks, stand up for values and ideas, and encourage transformational change in others.
- Closing exhortation: “Les voyages forment la jeunesse.” — shape your journey by welcoming change and risks, by standing up for yourself, and by encouraging transformational change in others. Bon voyage!

*Commencement Address at the Illinois Institute of Technology by Christine Lagarde, May 16, 2015.*

---


## References

- [France and the IMF](http://www.imf.org/external/country/FRA/index.htm)
- [United States and the IMF](http://www.imf.org/external/country/USA/index.htm)
- [Speeches](https://www.imf.org/en/news/searchnews)
- [Christine Lagarde](https://www.imf.org/external/np/omd/bios/cl.htm)
- [PRESS CENTER](http://presscenter.imf.org/)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2015/09/28/04/53/sp051615_