Christine Lagarde Resigns As The Managing Director Of IMF

Christine Lagarde recently submitted her formal resignation to the IMF (International Monetary Fund) from the post of Managing Director. It has been reported that she is now in the run to be the next president of the European Central Bank (ECB). She now will be preparing for her nomination for the post of next president of ECB, and hence, wants IMF to begin finding her successor.

Two weeks ago, when Ms. Lagarde was nominated for the post of president at the ECB, she had surrendered her office responsibilities, though she hadn't provided a formal resignation. She announced her formal resignation in a statement on Tuesday, saying “I have made this decision in the best interest of the Fund, as it will expedite the selection process for my successor.” This resignation will come in to effect from September 12.

I have made this decision in the best interest of the Fund, as it will expedite the selection process for my successor. - Christine Lagarde

The day to day responsibilities concerning her post have been already assigned to David Lipton, who is the 'IMF’s No. 2 official as the First Deputy Managing Director'. Ms Lagarade's working session extends till 2021 at the IMF, but being nominated for the post of president at ECB and after her resignation, the IMF can immediately work towards finding her successor. The IMF's executive board consists of 24 directors who represent the 189 member countries. These members will collectively undertake the search for the post of Managing Director.

Though it is supposed that people from all around the world can be nominated from the job, the job of MD in IMF has always gone to a candidate who is selected by the European Governments.

Lagarde is the first woman to head IMF. She was also the first female Finance Minister of France, back in 2007. A charismatic leader and a straight talker, she is one of the most influential leaders of the world.  Earlier, in the year 2014, she was named the 5^th most powerful women in the world by Forbes magazine. She was also rated as the Best Finance minister in the Eurozone in 2009 by Financial times.

Lagarde is the first woman to head IMF. She was also the first female Finance Minister of France, back in 2007. A charismatic leader and a straight talker, she is one of the most influential leaders of the world.

Christine Lagarde has several accomplishments to her name. She has held several portfolios across various French Ministries. She is a professional lawyer as well.  She was also the first woman to become the chairman of an international law firm, Baker & McKenzie. As a teenager, she was a national swimmer and was a member of France's national swimming team.

Christine Lagarde has also written many books, like, The IMF at 70: Making the Right Choices?, Yesterday, Today, and Tomorrow, and  Addressing Corruption Openly: Essay. She had also given an interview for the documentary film “Inside Job” in 2011. The film went on to win the Academy Award for Best Documentary Feature.

Picture By: Armstrong Economics

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