Christine Lagarde will step down from the position of Managing Director of International Monetary Fund (IMF). She will leave the fund by September. It is suspected that she would take up the position of the head of European Central Bank(EUB). Lagarde, a former French Cabinet Minister served in the post since 2011. She always topped as the most powerful women in the world.
The ‘rock star’ of international finance Lagarde is going to face another test by fire. She said that the executive board will hunt a new managing director. There is an unwritten convention that if IMF is headed by a European, the World Bank will have an American head or vice versa. It was part of the post Second World War deal. Lagarde has earlier denied the position of EUB head, however she considered the nomination as a honor.