IMF chief Christine Lagarde announces her resignation

Christine Lagarde, the Managing Director of International Monetary Fund announced she had submitted her resignation from the global lender, saying she had more clarity about her nomination to be the next head of the European Central Bank. Her resignation was effective September 12, Lagarde said in a statement.

"With greater clarity now on the process for my nomination as ECB President and the time it will take, I have made this decision in the best interest of the Fund," Lagarde said in a statement.

Lagarde's resignation comes two weeks after her nomination on July 2 for the ECB top job. She did not immediately resign from the IMF because of uncertainty over whether the new European Parliament would approve her and other new EU leadership positions, reports Reuters.

Lagarde's nomination is subject to approval by a fractious European Parliament. If approved, she would take over as ECB president from Mario Draghi on Oct. 31.

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