IMF board names American David Lipton as interim leader, replacing Lagarde

American economist David Lipton will serve as interim leader of the International Monetary Fund, replacing Christine Lagarde who was nominated to head the European Central Bank, the IMF board announced Tuesday.

"We accept Ms Lagarde's decision to relinquish her IMF responsibilities temporarily during the nomination period," the board said.

"We have full confidence in First Deputy Managing Director David Lipton as Acting Managing Director of the IMF."