European Union leaders have agreed to nominate France’s Christine Lagarde to be the new President of the European Central Bank.
Christine Lagarde has been managing director of the International Monetary Fund for eight year.
“The European Council has agreed on the future leadership of the EU institutions,” said Donald Tusk, chairman of the EU leaders’ talks.
Soon after being nominated to the European Central Bank Lagarde said she informed the IMF Board that “I will resign as Managing Director of the International Monetary Fund, effective September 12”.
It has been a privilege to serve our 189 member countries with the devoted staff of this institution, she said in a statement.
Statement by Managing Director Christine Lagarde
July 16, 2019
Ms. Christine Lagarde, Managing Director of the IMF, issued the following statement today:
“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. 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.”
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The Fund will communicate on the Executive Board’s process of selecting a new Managing Director in due course. Mr. David Lipton remains Acting Managing Director.