Saturday, 24 August 2019 04:07 GMT

IMF managing director resigns, nominated president of European Central Bank

(MENAFN - Caribbean News Now) Christine Lagarde, Managing Director of the International Monetary Fund (IMF)

WASHINGTON, USA — Managing Director and Chairman of the Board of the Washington based International Monetary Fund (IMF) Christine Lagarde, on Tuesday, formally submitted her resignation, to become effective September 12, 2019.

On July 2, 2019, the European Council proposed Lagarde to the position of president of the European Central Bank (ECB) to succeed Mario Draghi. His eight-year term ends on October 31.

Prior to joining the IMF, Lagarde served as France's finance minister from 2007 to 2011. She was re-elected to a second five-year term of the IMF presidency on July 5, 2016.

'With greater clarity now on the process for my nomination as ECB president and the time it will take, I have made this decision in the best interest of the Fund, as it will expedite the selection process for my successor.

'The executive board will now be taking the necessary steps to move forward with the process for selecting a new managing director. David Lipton remains our acting managing director, Lagarde said.

'During this period of time until September 12, the relinquishment of my duties announced previously will stay in effect, and I will not speak, write nor make any representation in the name or on behalf of the IMF. I will offer the acting managing director any help that he so requests for appropriate transition purposes,' she continued.

"I look forward to the prospect of returning to Europe … at the European Central Bank, which, not unlike the IMF, highly values intellectual excellence, integrity of research and analysis, independence, and a high commitment to public service. The focus will be more European, deeper in monetary policy and financial stability matters, and the spread and depth in other areas will differ,' Lagarde said in a statement Tuesday.


IMF managing director resigns, nominated president of European Central Bank


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