Christine Lagarde resigns as IMF chief

International Monetary Fund chief Christine Lagarde submitted her resignation from the global crisis lender on Tuesday, citing more clarity about her nomination to lead the European Central Bank as European legislators approved a new top bureaucrat.

Lagarde said in a statement her resignation was effective September 12, firing the starting gun for the IMF's search for her successor, which is likely to be another European.

"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.

She said her resignation would expedite the selection for the next head of the IMF.