International Monetary Fund chief Christine Lagarde has announced she has submitted her resignation from the global lender, saying she has more clarity about her nomination to be the next head of the European Central Bank.
Lagarde said in a statement her resignation was effective September 12, opening the way for the IMF to launch the search for her successor, which is likely to be another European.
"With greater clarity now on the process for my nomination as ECB President and the time it will take, I have made this decision in the best interest of the Fund," Lagarde said in a statement on Tuesday.
She said her resignation would expedite the selection for the next head of the IMF.
Lagarde's resignation comes two weeks after her nomination on July 2 for the ECB's top job.
She did not immediately resign from the IMF because of uncertainty over whether the new European Parliament would support her and other new EU leadership positions, sources told Reuters.
While a vote from the European Parliament is needed, its outcome is not binding, and Lagarde's appointment will be finalised by EU leaders at a regular summit on October 17-18.
Australian Associated Press