Christine Lagarde, Managing Director of the International Monetary Fund (IMF) has been nominated as the President of the European Central Bank.
Lagarde has held the position of managing director of IMF for two consecutive 5-year terms, her second appointment only 3 years in before her nomination as the European Central Bank president.
Lagarde would succeed Mario Draghi, whose term ends on Oct. 31, 2019.
“I am honoured to have been nominated for the Presidency of the European Central Bank. 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.”
Madam Lagarde said in a short statement after her nomination was announced.
The European Central Bank (ECB) is the central bank for the euro and administers monetary policy within the Eurozone, which comprises 19 member states of the European Union and is one of the largest monetary areas in the world.