On Tuesday, European officials nominated Ms. Lagarde to succeed Mario Draghi as the European Central Bank’s president. Ms. Lagarde, a stabilizing force who has lent star power to the monetary fund since taking over as its managing director in 2011, plans to step away from her responsibilities while the nomination process moves forward. The expected transition of power at the fund comes as the global economy slows and protectionism increases amid President Trump’s multifront trade war. “The key challenge for the next I.M.F. is the epitome of multilateralism in international finance, but it suffers from marginalization by the key advanced economies, a pool of resources dwarfed by global capital flows, and lack of trust among emerging market economies.”

Source: International New York Times July 03, 2019 22:41 UTC