The International Monetary Fund (IMF) Managing Director, Christine Lagarde, has resigned.

Lagarde's resignation takes effect from September 12.

In a statement sent to SaharaReporters today, the IMF Executive Board said: “Today the IMF Executive Board accepted Managing Director Christine Lagarde’s resignation from the Fund with effect from September 12, 2019.

“We would like to express our greatest appreciation for all that Managing Director Lagarde has done for the institution. Her legacy of achievements has made a lasting imprint on the Fund. Under her guidance, the Fund successfully helped its members navigate a complex and unprecedented set of challenges, including the impact of the global financial crisis and its aftershocks.

“The Fund has excelled in serving its entire membership over the course of her tenure with cutting-edge policy advice supported by ground-breaking analytical work on a range of macro-critical issues. Her stewardship has been exceptional, and we are grateful for her innovative and visionary leadership.

“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 Executive Board has the utmost confidence in Mr. David Lipton, who remains Acting Managing Director of the Fund in the interim period.”




http://saharareporters.com/2019/07/16/breaking-imf-boss-christine-lagarde-resigns

Why is she resigning?

She is stepping aside to take over a big job at the EU ( European Union).
She got that job thanks to her credentials at the International monetary Fund.
It is a promotion to another international top job.

IMF's Christine Lagarde nominated for top job at European Central Bank
Fred Imbert
Silvia Amaro
Published 1:07 PM ET Tue, 2 July 2019 Updated 8:17 PM ET Tue, 2 July 2019
CNBC.com

BRUSSELS — The European Council on Tuesday officially nominated Christine Lagarde, managing director of the International Monetary Fund, to become the next president of the European Central Bank.

Lagarde would succeed Mario Draghi. Lagarde has led the IMF since 2011.

"I am honored to have been nominated for the Presidency of the European Central Bank," Lagarde said in a statement. "In light of this, and in consultation with the Ethics Committee of the IMF Executive Board, I have decided to temporarily relinquish my responsibilities as Managing Director of the IMF during the nomination period."


Lagarde's nomination now passes to a vote at the broader European Parliament as well as between the euro zone finance ministers. However, this is more of a symbolical step as the heads of state have the final say on the ECB presidency.

European Council President Donald Tusk, who chairs the EU summits between the 28 heads of state, told CNBC that Lagarde's past as a finance minister does not put at risk the independence of the ECB. The central bank is meant to be totally independent from political interference.

Dutch Prime Minister Mark Rutte told CNBC in Brussels that Lagarde is a "tough lady."


"I know Christine Lagarde as the boss of the IMF, I know her as a tough lady, as somebody who knows what she wants, who is very clear on giving directions, when you come to her to get a loan, (she is) very tough on conditions, so I wouldn't like to be the European country who needs to go to the ECB asking for favors."

If confirmed, Lagarde would take over a central bank struggling to jolt economic growth in Europe. Last month, Draghi said the ECB would announce further stimulus if the region's economic situation further deteriorated. IHS Markit said Monday that growth in the European manufacturing sector deteriorated for a fifth straight month in June.

"Lagarde would be expected to lean broadly dovish on monetary policy while pressing fiscal authorities to play a more active role in promoting eurozone growth," Krishna Guha, head of global policy and central bank strategy at Evercore ISI, said in a note. "Specifically we think she would back what we expect will be one last big dovish play from Draghi in September: an easing package that includes both a 10-15 bp rate cut and a new QE program at around €30bn a month of purchases."

The council also nominated Ursula von der Leyen, Germany's defense minister, for the European Commission presidency. Belgium Prime Minister Charles Michel was also nominated for the European Council president job.
Continue reading
https://www.cnbc.com/2019/07/02/imfs-christine-lagarde-nominated-for-top-job-at-european-central-bank.html