The International Monetary Fund Managing Director Christine Lagarde has been tapped to lead the European Central Bank after the current president Mario Draghi leaves in October. She is set to be the first female president of the powerful institution that administers monetary policy for the 19 nations on the Eurozone.
“I am honoured to have been nominated for the ECB Presidency. In light of this, and in consultation with the Ethics Committee of IMF, I have decided to temporarily relinquish my responsibilities as IMF managing director during the nomination period,” said Ms. Lagarde in a tweet.
Ms. Lagarde joined the IMF in July 2011 for a five-year term. In 2016, she was re-elected to head the Washington based institution for another five years until July 2021. The 63-year-old went to law school and previously worked as the Finance Minister in France. Although she has no experience in a Central Bank role like her predecessors at the European Central Bank, her experience at the IMF will help her cope with the pressure from European governments.
