European Union leaders agreed to nominate International Monetary Fund Managing Director Christine Lagarde as the next president of the European Central Bank, when Mario Draghi’s eight-year tenure comes to an end in October.
Draghi — who played a vital role in Europe’s economic recovery — will see his term, which cannot be renewed, come to an end at the end of October.
Lagarde, 63, is a former French finance minister who took control of the IMF in 2011, becoming the first woman to head the Washington-based organization. Under her tenure, the IMF was instrumental in securing bailouts for struggling economies across Europe, particularly Greece.
“I am honored to have been nominated for the ECB presidency,” she wrote in a tweet on Tuesday. “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 IMF Managing Director during the nomination period.”
Her term at the IMF runs until July 2021; she’s previously described herself and her economic views as “with Adam Smith — that is, liberal.“
Largarde’s nomination still must be formally approved.
As reported by Reuters, Lagarde previously blamed the global financial crisis in 2008 in part on testosterone-fueled greed, once saying: “If it had been Lehman Sisters rather than Lehman Brothers, the world might well look a lot different today.”
Forbes ranked Lagarde as one of the most powerful women in the world, behind only Germany’s Angela Merkel and British Prime Minister Theresa May.
Meanwhile, EU leaders nominated German Defense Minister Ursula von der Leyen on Tuesday to become the next president of the European Commission, succeeding Jean-Claude Juncker.