Christine Lagarde resigns as the Managing Director of the International Monetary Fund (IMF).
After being nominated for the Presidency of the European Central Bank (ECB), Managing Director Christine Lagarde, has decided to relinquish her responsibilities as Managing Director of the International Monetary Fund (IMF) during the nomination period. She would replace Mario Draghi, whose eight-year term ends in October.
Lagarde, a surprise pick, would be the first woman to lead the central bank and one of few women to lead such an institution globally.
Donald Tusk, president of the European Council, cited Lagarde’s international experience during a press conference, saying she would make a “perfect” president of the ECB.
Lagarde is a lawyer by training, and previously served as France’s finance minister. She is well known in finance circles and is a frequent commentator on global economic matters. Although she is not an economist, many support her nomination for the ECB.
A new challenge
The silver-haired Lagarde, 63, took the helm in 2011 in the aftermath of the global financial crisis, and is credited with steering the Washington-based IMF through turbulent economic waters, including handling of the Greek economic collapse.
Her second five-year term as managing director of the global crisis lender ends in two years, which makes her the second leader of a global financial institution to leave early to move to another position, following Jim Yong Kim’s decision early this year to step down as president of the World Bank.
But as she prepares for an eight-year term leading the ECB in November, she will be in a familiar place as trailblazer at a difficult time, accustomed to being the only woman in the room.
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