Christine Lagarde resigns from IMF

(Patria) – Managing Director of the International Monetary Fund Christine Lagarde announced her resignation on Tuesday, after her candidacy for the position of President of the European Central Bank became certain.

Lagarde will remain in the IMF office until September 12, which leaves enough time for the IMF to find an adequate replacement.

In a statement, she stated that she made the decision in the best interest of the Fund, given that she has clearer information about the process of her appointment as President of the ECB.

Christine Lagarde's resignation comes two weeks after her appointment to the ECB job. However, she did not immediately resign from the IMF because it was not certain that she would receive the support of the new European Parliament.

A former Finance Minister of France, Lagarde was the first woman to head the IMF. She established herself as a skilled negotiator and a fighter for trade benefits, global growth that helps the poor and middle class, and women's rights.

Her second term at the IMF was supposed to last until July 2021.