European leaders have nominated International Monetary Fund Managing Director Christine Lagarde to become the next president of the European Central Bank, according to The Wall Street Journal.
Member states decided to back Lagarde to succeed the current ECB chief Mario Draghi, whose eight-year term ends on Oct. 31, 2019.
Lagarde is the first female to head the Washington-based IMF since 2011.
I am honored to have been nominated for the @ECB Presidency. 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 IMF Managing Director during the nomination period.
— Christine Lagarde (@Lagarde) July 2, 2019
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