TS Illustration/Michael Kappeler/picture alliance via Getty
Ursula von der Leyen

European Union lawmakers approved the nomination of Ursula von der Leyen, clearing the way for the German to be the next president of the European Commission. 

The protege of German Chancellor Angela Merkel was nominated about two weeks ago by the EU, but there were doubts as to whether she had the political support to survive the nomination process. 

Von der Leyen will replace Jean-Claude Juncker starting November 1 at which point she will be responsible for putting forward proposals on trade, foreign affairs, fiscal rules and other issues. One of the key issues she will oversee is the U.K.'s proposed exit from the EU, with Brexit scheduled for now to occur on Oct. 31.

The approval of Von der Leyen's nomination comes om the same day that Christine Lagarde announced that she will resign as Managing Director of the International Monetary Fund amid her bid to become the next European Central Bank President. 

Today I informed the #IMF Board that I will resign as Managing Director of the International Monetary Fund, effective September 12. It has been a privilege to serve our 189 member countries with the devoted staff of this institution. https://t.co/WLso6ydrTE

— Christine Lagarde (@Lagarde) July 16, 2019

"The relinquishment of my responsibilities as Managing Director announced previously will remain in effect until then. 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. 

David Lipton will stay on as IMF Acting Managing Director as the bank searches for a replacement.