Christine Lagarde has mentioned she will step down as managing director of the International Monetary Fund (IMF).
It comes ahead of a decision on her nomination to become head of the European Central Bank (ECB).
Ms Christine Lagarde said she would leave the IMF on 12 September.
Christine Lagarde’s career
- 1956: Born in Paris
- 1973: Wins scholarship to exclusive US faculty for a 12 months, where she perfects her English
- 1981: After law school in Paris, joins worldwide legislation agency Baker & McKenzie as an associate, becoming chair 18 years later
- 2005: Becomes France’s trade minister in 2005
- 2007: Becomes France’s finance minister, the first lady to hold this post not just in France but in any of the G8 major industrial nations
- 2011: Turns into head of the IMF
- 2019: Nominated to develop into president of the European Central Bank
“With greater clarity now on the process for my nomination as ECB president and the time it can take, I have made this decision in the perfect curiosity of the fund,” she stated.
“The chief board will now be taking the required steps to maneuver ahead with the method for choosing a brand new managing director.”
The previous French cupboard minister has been head of the IMF since 2011.
If the European Council approves her ECB nomination, she is going to develop into the central financial institution’s first ever feminine chief, liable for the euro and the financial coverage of the eurozone.
Often known as the “rock star” of worldwide finance, Ms Lagarde, 63, started her profession as a lawyer earlier than shifting into politics.
She served in varied ministerial posts underneath Nicolas Sarközy earlier than being elected as the primary feminine boss of the IMF – replacing Dominique Strauss Khan.
Persistently ranked among the top 10 most powerful ladies globally, Ms Lagarde has helped to rebuild the IMF’s credibility following Greece’s 2010 bailout, which bent the fund’s guidelines.
She also presided over the IMF’s biggest bailout, a $57bn deal for Argentina final 12 months that many credited with arresting rising market turbulence.
Final 12 months, she was reported to have stated “no, no, no no, no no” when requested if she was interested in operating the European Central Bank (ECB).
Nevertheless, Christine Lagarde later described receiving the nomination as “an honour”.
The position is prone to check the silver-haired 63-year-old, who has admitted earlier than that she lacks financial expertise. Darkish clouds are hovering over Italy’s banking sector and the bloc is within the midst of a slowdown.
However, one former IMF official said her leadership of the fund meant she was “exceptionally qualified” to run the ECB.
Supply : BBC
