IMF Chief, Christine Lagarde resigns

Monetary Fund managing director Christine Lagarde is set to resign

The 63-year-old former French Cabinet minister has been head of the International Monetary Fund since 2011.

In the beginning of July, Lagarde in a statement said she would relinquish her role as head of the International Monetary Fund during the nomination process to be president of the European Central Bank. It comes ahead of a decision on her nomination to become head of the European Central Bank (ECB).

The IMF board tapped her number two, American David Lipton, to serve as interim managing director, but by tradition a European always leads the fund while an American runs its sister institution, the World Bank. In a separate statement, IMF Executive Board said that it has accepted the resignation of Lagarde and expressed its "greatest appreciation" for what she did for the institution.

The European Parliament will hold a vote on the next ECB chief, but its outcome is not binding, and Lagarde's appointment will be finalized by EU leaders at a regular summit on October 17-18.

French Finance Minister Bruno Le Maire, whose country now holds the rotating presidency of the G7, is in charge of finding consensus around one of the names by the end of July, two G7 officials said.

On the sidelines of the G7 meeting, Bank of England Governor Mark Carney, considered a leading candidate to replace Lagarde, is slated to meet with U.S. Treasury Secretary Steven Mnuchin, who wields strong influence over the IMF's leadership.

She said her resignation would expedite the selection of her successor.

Her second five-year term as head of the International Monetary Fund was not due to end until July 2021. She also advocated the benefits of trade, global growth and women's empowerment.

Other names being floated include Bank of Finland Governor Olli Rehn, as well as ECB executive board member Benoit Coeure.

European Union leaders early this month picked Lagarde to succeed ECB chief Mario Draghi, whose single, eight-year term ends in November.

"Her legacy of achievements has made a lasting imprint on the fund".



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