Christine Lagarde resigns as IMF Managing Director

18 Juillet, 2019, 16:27 | Auteur: Anatole Charbonneau
  • Christine Lagarde resigns as IMF Managing Director

Ms Lagarde's nomination triggered the temporary handover of her duties to David Lipton, who is acting as managing director of the International Monetary Fund.

She said in a statement yesterday that she had submitted her resignation from the International Monetary Fund and it will go into effect in September.

"I have made this decision in the best interest of the Fund, as it will expedite the selection process for my successor".

She said: "I have met with the Executive Board and submitted my resignation from the Fund with effect from September 12, 2019".

Early candidates mentioned as possible successors to Lagarde include Mark Carney, a Canadian who also holds British and Irish citizenship and whose term as leader of the Bank of England is up in January; French politician Pierre Moscovici, who is the European Union finance commissioner, and former British finance minister George Osborne.

The Executive Board of the fund said this in a statement issued by it on Tuesday in Washington D.C., adding that it has accepted Lagarde's resignation with effect from September 12.

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Lagarde's resignation, first reported by Reuters, came two weeks after her nomination on July 2 for the ECB's top job.

Madam Lagarde as some people prefer to call her was appointed IMF's boss in July 2011 for a five year term which was renewed in July 2016.

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. She also advocated the benefits of trade, global growth and women's empowerment. Lagarde's decision to resign comes on the eve of a meeting of the Group of Seven finance ministers in Chantilly, France.

If approved, she would take over as European Central Bank president from Mario Draghi on October 31.

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

As head of the International Monetary Fund, she has had some battle-testing, bringing stability to the euro zone debt crisis of the last decade and presiding over large bailouts for Argentina, Egypt and Ukraine.

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