Good News For European Central Bank

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International Monetary Fund (IMF) Managing Director Ms. Christine Lagarde yesterday resigned from the Fund to head European Central Bank.

In a statement, she said: “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.”

The European Council officially nominated her for the position. She would succeed by Mario Draghi.

Ms. Lagarde, who has led the IMF since 2011, will take up the position of head of the European Central Bank as a self-confessed economic outsider who has preferred to emphasise her ability as a listener and tough negotiator for the period she held the fort at the IMF.

If confirmed, Ms. Lagarde would take over a central bank struggling to jolt economic growth in Europe.