International Monetary Fund Managing Director Christine Lagarde resigned from the role that she’s held for nearly a decade as she prepares to lead the European Central Bank.
The resignation will be effective Sept. 12, the fund said in a statement in Washington Tuesday. Lagarde, 63, has held the top role at the IMF since 2011 and is in line to succeed ECB President Mario Draghi in November.
Since being nominated for the top ECB spot in July, Lagarde took a step back from her duties. David Lipton, first deputy managing director of the fund, has been filling in for her.
Ministers have discussed the process for nominating a European candidate as managing director but don’t have a clear plan and won’t discuss names yet. While the post has traditionally gone to a European, emerging-market nations have pressed to play a bigger role.