Christine Lagarde has resigned as director of the International Monetary Fund (IMF). She is leaving there on September 12, the Frenchwoman announced today. Lagarde is expected to be appointed president of the European Central Bank (ECB) at the end of October.

Lagarde had previously transferred her duties to the IMF. It will remain that way for the next two months. David Lipton takes over Lagardes duties at the IMF.

The European finance ministers have already agreed to Lagarde as the successor to the current ECB president Mario Draghi after the EU leaders nominated her. A consultation round with the ECB administration is also to follow and the European Parliament must also approve its nomination.

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