Christine Lagarde resigns as IMF chief, starting race for her successor. Read more:
WASHINGTON - International Monetary Fund chief Christine Lagarde submitted her resignation from the global crisis lender on Tuesday, citing more clarity about her nomination to lead the European Central Bank as European legislators approved a new top bureaucrat.
Lagarde’s resignation, first reported by Reuters, came two weeks after her nomination on July 2 for the ECB’s top job. She did not immediately quit the IMF because of uncertainty over whether the new European Parliament would support her and other new EU leadership positions, sources told Reuters. On the sidelines of the G7 meeting, Bank of England Governor Mark Carney, considered a leading candidate to replace Lagarde, is slated to meet with U.S. Treasury Secretary Steven Mnuchin, who wields strong influence over the IMF’s leadership.
Other names being floated include Bank of Finland Governor Olli Rehn, as well as ECB executive board member Benoit Coeure. The IMF’s acting managing director, David Lipton, said earlier on Tuesday that the fund would adapt to Lagarde’s departure as it has other developments over 75 years.A former French finance minister, Lagarde was the first woman to head the IMF and was known among policymakers as a tough negotiator. She was a tireless advocate for the benefits of trade, global growth that aids the poor and middle classes, and the empowerment of women.
If approved, Lagarde would take over as ECB president from Mario Draghi on Oct. 31. While her confirmation could be lengthy, it is likely to be largely a formality as long as the euro zone’s biggest member states - Germany, France and Italy - are in unity.
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