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Christine Lagarde steps down as head of IMF to become President of European Central Bank

  • Christine Lagarde, Managing Director of the International Monetary Fund (IMF) has stepped down to take presidency role in ECB.
  • Ms. Lagarde says David Lipton remains Acting Managing Director of IMF.
  • The Executive Board of the IMF will communicate the process of selecting a new Managing Director.

Christine Lagarde, Managing Director of the International Monetary Fund (IMF), has resigned as the head of the international organisation.

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Ms. Lagarde stated this in a statement issued on Tuesday. 

“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.

The Executive Board of the IMF will communicate the process of selecting a new Managing Director.

The outgoing IMF boss has accepted nomination for the position of President of the European Central Bank, Business Insider SSA understands.

Ursula von der Leyen, Germany’s defense minister was nominated for the European Commission presidency while Belgium Prime Minister Charles Michel was also nominated for the European Council president job.

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