International Monetary Fund Managing Director Christine Lagarde was on Tuesday nominated as the president of the European Central Bank, following which she announced to temporarily relinquish her responsibilities as head of IMF. The nomination means Lagarde will step down two years before the end of her second five-year term at the helm of the IMF. I am honoured to have been nominated for the Presidency of the European Central Bank, Lagarde said in a statement issued at the IMF headquarters here. Lagarde would succeed Mario Draghi, whose term ends on October 31. Lagarde has at the same time acknowledged the strains caused by globalisation, which has disrupted industries and marginalised some workers.

Source: dna July 03, 2019 03:20 UTC