This archive report was first published on 16 July 2019.
Published on July 16, 2019, Christine Lagarde announced her resignation from the International Monetary Fund (IMF) on Tuesday, effective September 12. This move will allow the IMF board to initiate the search for her replacement.
According to Lagarde, her decision was made in the best interest of the fund, as it will expedite the selection process for her successor. She cited the clarity on the process for her nomination as President of the European Central Bank (ECB) as the reason for her resignation.
EU leaders had picked Lagarde to succeed ECB chief Mario Draghi in early July. Her departure from the IMF leadership post, which she has held since 2011, sparked speculation about who would replace her.
IMF board tapped David Lipton, her number two, to serve as interim managing director. However, by tradition, a European always leads the fund while an American runs its sister institution, the World Bank.
Early candidates mentioned as possible successors to Lagarde include Mark Carney, a Canadian who also holds British and Irish citizenship, French politician Pierre Moscovici, and former British finance minister George Osborne.
