## INTERNATIONAL MONETARY FUND — Resignation Letter from Christine Lagarde (July 16, 2019)

## Source details

**Canonical URL:** [INTERNATIONAL MONETARY FUND — Resignation Letter from Christine Lagarde (July 16, 2019)](https://www.imf.org/-/media/files/news/press-release/2019/md-resignation-letter.pdf)

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- [Markdown version](/-/media/files/news/press-release/2019/md-resignation-letter.pdf.md)
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### Announcement and timeline
- Date of letter: July 16, 2019.
- On July 2, 2019, the European Council proposed to nominate Christine Lagarde to the position of President of the European Central Bank.
- She agonized over this proposal during the previous 48 hours and eventually decided to accept.
- She formally submits her resignation from the position of Managing Director and Chairman of the Board of the IMF; the resignation shall become effective on the 12th of September, the most likely date of her hearing before the Economic Commission of the European Parliament.
- After the 4th of July long weekend, the Board and she met in an informal setting on two occasions.

### Transition arrangements and ethics
- Upon accepting the ECB nomination, she informed the Ethics Committee of the Board of her intention to relinquish her duties as Managing Director to avoid actual and the perception of any conflict of interest.
- The Board accepted the relinquishment of her duties and asked David Lipton, the First Deputy Managing Director, to be the Acting Managing Director.
- During the period until September 12th:
  - The relinquishment of duties announced previously will stay in effect.
  - She will not speak, write nor make any representation in the name or on behalf of the IMF.
  - She will offer the Acting Managing Director any help that he so requests for appropriate transition purposes.

### Reflections on institutional accomplishments
- She expresses pride in achievements under her leadership and the "extraordinarily effective chemistry between the Board, Staff and Management."
- Noted areas of work and institutional responses include:
  - Key country financial programs and policy decisions.
  - Major crises engagements.
  - Exploring new macro-critical fields.
  - Removing internal silos and setting up an innovation lab.
  - Championing inter- and intradepartmental work.
  - Support to Ebola affected countries.
  - The largest disbursing Fund program in Argentina.
  - Redefinition of exceptional access to new guidelines to help fight corruption.
  - Institutional View on Capital Flows.
  - Commitments to small and fragile states.
  - Climate change mitigation and building resilience to natural disasters.
  - An integrated surveillance decision.
  - Completing the quota increase under the 14th review.
  - Redesigning the composition of the SDR basket.
  - Strengthening capacity to commit financial resources to members in need.
  - Social spending to digital currencies.
  - Women's contribution to economic growth and reducing excessive inequality.
  - Diversity and inclusion efforts.

### Outstanding work and requests to membership
- She hopes the membership will deliver commitments made to her, specifically:
  - To maintain the resource envelope of the Fund.
  - To commit to a quota realignment under the 16th review.
- She notes unfinished items she wished to see through:
  - Completion of the comprehensive compensation and benefits review, aimed to attract and retain the best talents, preserve diversity and inclusion, and respect the security and work life balance of staff and employees.

### Personal remarks and future plans
- She conveys "very mixed emotions" at leaving:
  - Pride in collective achievements and gratitude to staff at all levels for guidance, training, advice, and mutual trust during "those eight years."
  - Acknowledgement that "there is no perfect time to go" and that substantial work remains for the Board, Staff, and Management.
- She looks forward to returning to Europe to dedicate herself to her new mission at the European Central Bank, noting differences in focus:
  - The ECB focus will be more European, deeper in monetary policy and financial stability matters, with different spread and depth in other areas.
  - She expects to learn from the new journey as she has learned from her journey with the IMF.
- She anticipates seeing IMF colleagues "at least twice a year on the occasion of the Spring and Annual Meetings."

*md-resignation-letter*

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_Source: https://www.imf.org/-/media/files/news/press-release/2019/md-resignation-letter.pdf_