Christine Lagarde will resign as the managing director of the International Monetary Fund (IMF) on September 12 as she awaits final word on her nomination to the presidency of the European Central Bank.

Lagarde has announced on Tuesday that she formally submitted her resignation from the IMF position with effect from September 12, 2019.

Two weeks ago, Lagarde was nominated for the presidency of the European Central Bank (ECB), as part of the European Union (EU) leaders’ agreement on the future leadership of top EU institutions. She then decided to temporarily step down from the IMF leadership during the nomination period.

“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, as it will expedite the selection process for my successor,” Lagarde said in a statement.

“Today the IMF Executive Board accepted Managing Director Christine Lagarde’s resignation from the Fund with effect from September 12, 2019,” the Executive Board said in a statement.

“We would like to express our greatest appreciation for all that Managing Director Lagarde has done for the institution. Her legacy of achievements has made a lasting imprint on the Fund.” the statement further said.

Lagarde, a 63-year-old French politician, would be the first woman to lead the ECB. She is set to replace Mario Draghi, whose eight-year term ends on October 31.

“I look forward to the prospect of returning to Europe, where I will dedicate myself to my new mission at the European Central Bank, which, not unlike the IMF, highly values intellectual excellence, the integrity of research and analysis, independence, and a high commitment to public service,” Lagarde said.

On July 5, 2011, Lagarde became the 11th managing director of the IMF, and the first woman to hold this position. She was elected to a second five-year term as the IMF managing director, which started on July 5, 2016. Prior to joining the IMF, Lagarde served as France’s finance minister from 2007 to 2011.