The finance ministers of EU countries have announced their support for Christine Lagarde to take the helm of the European Central Bank (ECB). The results of a Financial Affairs Council (ECOFIN) meeting here, published on Tuesday on the Council of the EU website, said the ECOFIN adopted a recommendation to the Council of the EU on nominating Lagarde to be the next ECB head.
It said that Council of the EU is expected to take a formal decision on the appointment in October, after having consulted the European Parliament and the ECB’s Governing Council.
The new ECB president will succeed Mario Draghi, whose term is due to end on Oct. 31, for a non-renewable 8-year term, the results of the meeting said.
Lagarde was the IMF’s first-ever female managing director, and has filled the role since 2011. If appointed, she will also be the ECB’s first-ever female president. She is a French lawyer and businesswoman. Lagarde, 63, has also served as French finance minister.