Christine Lagarde resigns as IMF boss as she prepares to become head of the European Central Bank
The controversial leader of the International Monetary Fund has resigned as she prepares to become one of the world’s most powerful central bankers.
Christine Lagarde, who is expected to succeed Mario Draghi as head of the European Central Bank after his term ends in October, has quit her job as IMF managing director and plans to step down on September 12.
The 63-year-old Frenchwoman was nominated for the ECB role by European heads of state this month.
End of an era: Christine Lagarde has quit her job as IMF managing director and plans to step down on September 12
This has already proved unpopular with several economists and analysts, who worry about her lack of central banking experience and risks that she may politicise the role.
Two years ago Lagarde was convicted of criminal negligence as part of a long-running fraud scandal dating back to her time as French finance minister, but was not punished and was allowed to keep the IMF job.
Lagarde has raked in more than £3.6million from her role running the IMF, while paying no income tax.
On top of her salary, she gets an annual allowance of more than £70,000 to fund what the IMF calls ‘a scale of living appropriate to your position’.
The IMF said: ‘The fund has excelled in serving its entire membership over the course of her tenure.’