Christine Lagarde resigns as IMF chief

International Monetary Fund chief Christine Lagarde submitted her resignation from the global crisis lender on Tuesday, citing more clarity about her nomination to lead the European Central Bank as European legislators approved a new top bureaucrat.

Ms. Lagarde was announced as the leading candidate for the ECB job two weeks ago, and had relinquished leadership of the IMF at that time, but she had not resigned. Her resignation will formally take effect Sept. 12.

She announced her formal resignation in a statement Tuesday, saying “I have made this decision in the best interest of the Fund, as it will expedite the selection process for my successor.”

She said her resignation would expedite the selection for the next head of the IMF.

IMF succession is expected to be a major topic of discussion among G7 finance ministers and central bank governors meeting on Wednesday and Thursday in Chantilly, France.

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