European Central Bank bosses approve nomination of Christine Lagarde

The European Central Bank’s governing council has signed off on the nomination of International Monetary Fund head Christine Lagarde as the next head of Europe’s top monetary authority.

The council delivered its opinion, required under the appointment procedure enshrined in the European Union’s basic treaty, that Ms Lagarde is a person “of recognised standing and professional experience in monetary or banking matters”.

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Ms Lagarde also faces hearings, probably in late September or early October, in the European Parliament, but parliament cannot block the nomination made by the heads of eurozone governments.

The European Council of heads of state and government must formally confirm the appointment, in which case she would succeed Mario Draghi on November 1 for an eight-year non-renewable term.