IMF's Lagarde to Become Next ECB's President

International Monetary Fund (IMF) Managing Director Christine Lagarde was nominated yesterday by the European Union Council to be the next president of the European Central Bank.

Lagarde said in a statement, “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 added.

If confirmed, Lagarde would be the second French to hold Presidency of the the Bank.