Christine Lagarde Resigns from the IMF Following Nomination to Become President of the European Central Bank | The independent

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Christine Lagarde has tendered her resignation from her position as managing director of the International Monetary Fund after she was nominated to be the next president of the European Central Bank.

Lagarde has already resigned from her day-to-day duties as head of the global crisis lender, and the agency has appointed David Lipton, a senior deputy, as interim managing director.

“With greater clarity now about the process for my nomination as President of the ECB and the time it will take, I have made this decision in the best interest of the Fund,” Lagarde said in a statement.

He said his resignation would speed up the selection of his successor for the next head of the IMF.

His resignation will take effect on September 12.

Lagarde assumed control of the IMF in 2011 after his predecessor, Dominique Strauss-Kahn, was embroiled in allegations of sexual assault.

As managing director, she coordinated large rescue loans for Greece in concert with the ECB and the European Union.

She was nominated to be the first woman president of the ECB on July 2 by the 19 member governments of the eurozone.

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If his nomination is approved, Lagarde will replace Mario Draghi, who has brought the ECB’s benchmark interest rate to near-zero all-time lows and spent € 2.6 trillion on European financial assets in an effort to boost growth and inflation.

Under Ms Lagarde’s leadership, the IMF has supported those efforts and warned against premature rate hikes.

Additional agency reports

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