Christine Lagarde has temporarily relinquished her responsibilities as Managing Director of the International Monetary Fund (IMF) after her nomination for Presidency of the European Central Bank.
"I am honored 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," she said in a statement on July 2.
IMF First Deputy Managing Director David Lipton will perform the IMF Managing Director's responsibilities.
Lagarde was appointed IMF chief in 2011 to succeed Dominique Strauss-Kahn upon his resignation after he had been accused of sexual assault.