Breaking: Lagarde quits IMF, new boss set to step in

With the Liberal group of the European Parliament announcing its backing of Ursula von der Leyen on Tuesday afternoon, the German conservative appears set to be confirmed as the next European Commission president.

That means the other three contenders for Europe’s top jobs – Christine Lagarde, Charles Michel and Josep Borrell – will also be confirmed in their new roles as, respectively, European Central Bank president, European Council president and EU foreign affairs chief.

Christine Lagarde announced her resignation as managing director of the International Monetary Fund minutes after the Liberals said they would support the foursome’s nominations. She will formally step down on September 12, she said in a statement.

The race is now on to replace her at the IMF.

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