BBC NEWS | Europe | French hold out against credit crunchFrench hold out against credit crunch
Unlike Britain, the US and many other countries, France appears to be weathering the credit crunch storm in reasonable shape.
"I'm not suggesting that we have the basic principles right, I'm not suggesting that we can teach the world lessons," Ms Lagarde says.
"But I think it will be for each and every category of players, traders, regulators, supervisors, to examine what they have done, what they should have done and what they should be doing in the future to bring a bit more morality into the system.
"I think we have let this world of fantasy and virtuality overcome reality... There have to be more principles, more discipline and a bit more reality," the minister says.