Christine Lagarde, managing director of the International Monetary Fund, has been nominated to be the next president of the European Central Bank.
She will replace Mario Draghi when his eight-year term as ECB president ends on Oct. 31.
"I am honored to have been nominated for the Presidency of the European Central Bank," Ms. Lagarde said in a news release issued by the IMF. "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 managing director of the IMF during the nomination period."
A representative from the European Union could not be immediately reached for additional comment.
Bloomberg contributed to this report.