Christine Lagarde on Tuesday resigned as the Managing Director of the International Monetary Fund (IMF). This comes just hours before a vote on her nomination to become head of the European Central Bank (ECB). Lagarde's resignation comes into effect from September 12, 2019.

“Today the IMF Executive Board accepted Managing Director Christine Lagarde’s resignation from the Fund with effect from September 12, 2019.

“We would like to express our greatest appreciation for all that Managing Director Lagarde has done for the institution. Her legacy of achievements has made a lasting imprint on the Fund. Under her guidance, the Fund successfully helped its members navigate a complex and unprecedented set of challenges, including the impact of the global financial crisis and its aftershocks.”

“The Fund has excelled in serving its entire membership over the course of her tenure with cutting-edge policy advice supported by ground-breaking analytical work on a range of macro-critical issues. Her stewardship has been exceptional, and we are grateful for her innovative and visionary leadership.”

“With this decision by Managing Director Lagarde, the IMF Executive Board will initiate promptly the process of selecting the next Managing Director and will communicate in a timely fashion. The Executive Board has the utmost confidence in Mr. David Lipton, who remains Acting Managing Director of the Fund in the interim period.” </s> WASHINGTON (AP) - Christine Lagarde is resigning as managing director of the International Monetary Fund in light of her nomination to be the next president of the European Central Bank.

Lagarde has already given up her day-to-day duties as head of the IMF, and the international lending agency has named a top deputy, David Lipton, as acting managing director.

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

Lagarde said her resignation will be effective on Sept. 12.

Lagarde took over the IMF in 2011 after her predecessor, Dominique Strauss-Kahn, was ensared in sexual assault allegations. As managing director, she coordinated large bailout loans for Greece in concert with the ECB and European Union.

She was nominated to be the first woman president of the ECB July 2 by the eurozone's 19 member governments.

FILE - In this April 13, 2019, file photo, International Monetary Fund (IMF) managing director Christine Lagarde speaks during a news conference after the International Monetary and Financial Committee (IMFC) conference at the World Bank/IMF Spring Meetings in Washington, Lagarde said Tuesday, July 16, 2019, she will resign as managing director of the International Monetary Fund in light of her nomination to be the next president of the European Central Bank. (AP Photo/Jose Luis Magana, File)

If her nomination is approved, Lagarde will replace Mario Draghi, who has pushed the ECB's benchmark interest rate to record lows near zero and has spent 2.6 trillion euros on European financial assets in an effort to boost growth and inflation.

Under Lagarde's leadership, the IMF has supported those efforts and warned against premature rate hikes.

FILE- In this Jan. 21, 2019, file photo International Monetary Fund Managing Director Christine Lagarde briefs the media during a news conference at the annual meeting of the World Economic Forum, WEF, in Davos. Christine Lagarde said Tuesday, July 16, she will resign as managing director of the International Monetary Fund in light of her nomination to be the next president of the European Central Bank. (AP Photo/Markus Schreiber, File) </s> Christine Lagarde will leave the International Monetary Fund in September, as her nomination to lead Europe’s central bank gathers pace.

In a statement, Ms Lagarde said she had made the decision to quit in order to hasten the appointment of her successor as managing director of the fund.

It comes following her nomination to succeed Mario Draghi as president of the European Central Bank on July 2.

“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,” she said.

Ms Lagarde’s nomination triggered the temporary handover of her duties to David Lipton, who is acting as managing director of the IMF.

This arrangement will continue while the fund’s executive board selects a new head.

The IMF’s executive board said: “We would like to express our greatest appreciation for all that Managing Director Lagarde has done for the institution.

“Her legacy of achievements has made a lasting imprint on the Fund. Under her guidance, the Fund successfully helped its members navigate a complex and unprecedented set of challenges, including the impact of the global financial crisis and its aftershocks.

“The Fund has excelled in serving its entire membership over the course of her tenure with cutting-edge policy advice supported by ground-breaking analytical work on a range of macro-critical issues.

“Her stewardship has been exceptional, and we are grateful for her innovative and visionary leadership.” </s> International Monetary Fund Managing Director Christine Lagarde resigned from her post on Tuesday. “I have met with the Executive Board and submitted my resignation from the Fund with effect from September 12, 2019,” she said, according to a statement released by the fund.

“The relinquishment of my responsibilities as Managing Director announced previously will remain in effect until then,” Lagarde added. She said she made the decision to resign due to her nomination as the head of the European Central Bank, “in the best interest of the Fund”.

“The Executive Board [of IMF] will now be taking the necessary steps to move forward with the process for selecting a new Managing Director,” Lagarde said. “David Lipton remains our Acting Managing Director.”

Lagarde, a former French Cabinet minister, has been the head of the IMF since 2011. If the European Council approves her nomination to the European Central Bank, she will become the bank’s first ever female leader. </s> Christine Lagarde is resigning as managing director of the International Monetary Fund in light of her nomination to be the next president of the European Central Bank.

Lagarde has already given up her day-to-day duties as head of the IMF, and the international lending agency has named a top deputy, David Lipton, as acting managing director.

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

Lagarde said her resignation will be effective on September 12.

Lagarde took over the IMF in 2011 after her predecessor, Dominique Strauss-Kahn, was ensared in sexual assault allegations.

As managing director, she coordinated large bailout loans for Greece in concert with the ECB and European Union.

She was nominated to be the first woman president of the ECB July 2 by the eurozone's 19 member governments.

If her nomination is approved, Lagarde will replace Mario Draghi, who has pushed the ECB's benchmark interest rate to record lows near zero and has spent 2.6 trillion euros on European financial assets in an effort to boost growth and inflation.

Under Lagarde's leadership, the IMF has supported those efforts and warned against premature rate hikes. </s> Christine Lagarde announced Tuesday that she has resigned as managing director of the International Monetary Fund, effective from Sept. 12. Lagarde is set to take over as president of the European Central Bank on Nov. 1. In a separate statement, the IMF executive board said it had accepted Lagarde's resignation. David Lipton will remain the acting managing director of the IMF during a search for a new leader. There has been speculation that Bank of England governor Mark Carney might replace Lagarde. In addition, George Osborne, the former chancellor of the UK exchequer and Bulgaria's Kristalina Georgieava, the No. 2 at the World Bank, have been mentioned in various news reports. Since 1945, the IMF managing director has been from Europe. </s> Christine Lagarde has resigned as the managing director of International Monetary Fund (IMF).

In a statement released on Tuesday, Lagarde said her resignation will be effective from September 12.

The 63-year-old was appointed to lead the Bretton Wood institution in 2011.

She got re-elected for a second term in 2016.

“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.”

Lagarde had previously stepped aside temporarily from her position at the IMF after she was nominated to be the president of the European Central Bank.

David Lipton, the first deputy managing director, has been the acting managing director.

IMF’s executive board has accepted her resignation, announcing that the process of selecting the next managing director would begin promptly. </s> The International Monetary Fund (IMF) Managing Director, Christine Lagarde, has resigned her appointment and will be leaving the Bretton Woods institution on September 12.

IMF’s Executive Board in a statement yesterday in Washington DC, said it had accepted her resignation and would soon kick-start the process to find her replacement.

“Today the IMF Executive Board accepted Managing Director Christine Lagarde’s resignation from the Fund with effect from September 12, 2019.

“With this decision by Managing Director Lagarde, the IMF Executive Board will initiate promptly the process of selecting the next managing director and will communicate in a timely fashion.

“The Executive Board has the utmost confidence in Mr. David Lipton, who remains Acting Managing Director of the Fund in the interim period,” it said.

Lagarde had announced in a statement yesterday that she had submitted her resignation from the IMF and it would go into effect in September.

“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,” Lagarde said.

According to her, while the Executive Board would be taking the needed steps to proceed toward selecting a new managing director, David Lipton would remain the Fund’s acting managing director.

On July 9, the EU Economic and Financial Affairs Council adopted a formal recommendation to nominate Lagarde as president of the European Central Bank.

Her nomination will now be discussed by the ECB governing council and the European Parliament, and the final appointment by European Council in October.

She was named as the next Managing Director of the IMF for a five-year term, starting on July 5, 2011, replacing Dominique Strauss-Khan.

Her appointment is the 11th consecutive appointment of a European to head the IMF.

 In 2014, Lagarde was ranked the fifth most powerful woman in the world by Forbes magazine.

She was reelected by consensus for a second five-year term, starting July 5, 2016, being the only candidate nominated for the post.

In December 2016, a French court found her guilty of negligence for her role in the Bernard Tarpie arbitration, but did not impose a penalty.

In 2018, Forbes ranked her number three on its World’s 100 Most Powerful Women list.

On July 2, 2019, she was nominated by the European Council to succeed Mario Draghi as President of the European Central Bank on November 1, 2019.

After consultations with the European Parliament, Lagarde is about to be the first woman in the position of President of the European Central Bank. </s> Washington: International Monetary Fund Managing Director Christine Lagarde resigned from the role that she’s held for nearly a decade as she prepares to lead the European Central Bank.

The resignation will be effective September 12, the fund said in a statement in Washington Tuesday. Lagarde, 63, has held the top role at the IMF since 2011 and is in line to succeed ECB President Mario Draghi in November.

Since being nominated for the top ECB spot in July, Lagarde took a step back from her duties. David Lipton, first deputy managing director of the fund, has been filling in for her.

Ministers have discussed the process for nominating a European candidate as managing director but don’t have a clear plan and won’t discuss names yet. While the post has traditionally gone to a European, emerging-market nations have pressed to play a bigger role.
Christine Lagarde announces that she will step down as managing director of the International Monetary Fund on 12 September 2019.