Search begins for new IMF leader as Christine Lagarde resigns

Search begins for new IMF leader as Christine Lagarde resigns

Come September 12, Christine Lagarde will resign her position from the International Monetary Fund while she awaits final word on her nomination to th

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Come September 12, Christine Lagarde will resign her position from the International Monetary Fund while she awaits final word on her nomination to the presidency of the European Central Bank which she announced on Tuesday. Her departure allows the IMF board to begin the search for her replacement.

“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.

EU leaders early this month picked Lagarde to succeed ECB chief Mario Draghi, whose single, eight-year term ends in November. Christine Lagarde stepped away from the IMF leadership post she has held since 2011, sparking a wave of speculation about who would replace her.

The IMF board tapped her number two, American David Lipton, to serve as interim managing director, but by tradition, a European always leads the fund while an American runs its sister institution, the World Bank.
“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 IMF board said in a statement.

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 EU finance commissioner, and former British finance minister George Osborne.