May 22 (Bloomberg) -- The U.K. will back French Finance Minister Christine Lagarde to become the next managing director of the International Monetary Fund, Chancellor of the Exchequer George Osborne said, adding to the cascade of European endorsements for her. Osborne praised Lagarde for her leadership skills during Franceâs presidency of the Group of 20 and for her âstrongâ advocacy of countries taking steps to reduce budget deficits. Last week, Osborne had left open the possibility that Britain might endorse a non-European to head the fund. âOn the basis of merit, I believe Christine is the outstanding candidate for the IMF, and thatâs why Britain will back her,â Osborne said in an e-mailed statement late yesterday. âPersonally think it would be a very good thing to see the first female managing director of the IMF in its 60 year history.â Lagarde has emerged as the leading contender to replace Dominique Strauss-Kahn at the IMF as developing nations have failed to unite behind one candidate. Strauss-Kahn, whoâs also French, resigned on May 19, four days after his arrest in New York on sexual-assault charges. German Chancellor Angela Merkel yesterday described Lagarde as an âexcellent and experienced personâ and that consensus was emerging is Europe for her to get the IMF job, Deutsche Presse-Agentur said. Austria may support Lagarde, Finance Minister Maria Fekter said yesterday, according to Agence France-Presse. http://noir.bloomberg.com/apps/news?pid=20601087&sid=a.twQHz85wmc&pos=2