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Christine Lagarde to resign from head of IMF as nomination for ECB presidency becomes her priority

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Christine
Lagarde has announced that she will be stepping down as managing director of
the International Monetary Fund (IMF), as a decision on her nomination to
become the head of the European Central Bank (ECB) looms large.

Ms Lagarde
announced through a statement on the fund’s website that she will be leaving
the IMF on 12 September.

In the
statement, she said “I have met with the Executive Board and submitted my
resignation from the Fund with effect from September 12, 2019. The
relinquishment of my responsibilities as Managing Director announced previously
will remain in effect until then.”

She also
added that she has “made this decision in the best interest of the Fund,” with
there being “greater clarity” on the process for her nomination for presidency
of the ECB.

Ms Lagarde
also stated that “The executive board will now be taking the necessary steps to
move forward with the process for selecting a new managing director.”

The former
Dutch finance minister, Jeroen Dijsselbloem, who was also a former chair of the
Eurogroup, has emerged as one of the main candidates to succeed Ms Lagarde at
the IMF, according to a European official that happens to familiar with the
discussion.

Other
candidates for the position include Bank of England Governor Mark Carney, who
also happens to have Irish and Canadian citizenship, and has a term that is set
to expired at the end of January. Carney did not rule out considering leading
the IMF.

Lagarde has
been head of the IMF since 2011, and her second five-year term was not due to
end until July 2021. If the European Council approved her ECB nomination, she
will become the ECB’s first ever female leader. This role will make her
responsible for the euro and the eurozone’s monetary policy.

Lagarde
emerged as the front runner to succeed Mario Draghi, who has been serving as
President of the European Central Bank since 2011.

The post Christine Lagarde to resign from head of IMF as nomination for ECB presidency becomes her priority appeared first on maltawinds.com.

Original article found on Malta Winds

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