ECB rallies around Draghi for president

The European Central Bank’s governing council has officially adopted an opinion on the appointment of Mario Draghi as its new president, making his ascendancy to the role all but certain.

Over the past few months, Italy’s central bank governor has emerged as the favourite among economists working in the financial services industry and policymakers alike.

Following a meeting of the ECB’s governing council, in which its members adopted an opinion on Draghi’s appointment, he has now moved just two steps away from securing the position.

“The Governing Council had no objections to the proposed candidate, Mario Draghi, who is a person of recognised standing and professional experience in monetary or banking matters, as required by Article 283(2) of the Treaty on the Functioning of the European Union,” a statement issued by Luxembourg’s central bank said.

The statement serves as recognition Draghi fulfills all the necessary conditions for the role.

Next, it is up to the European Parliament to voice its support in an advisory capacity, expected to take place on 14 June. It is unlikely the opinion of the Parliament’s members will differ from the ECB’s recommendation.

A vote by the European Council, comprising of all the heads of state of members of the EU, will be the last stage of approval required for Draghi to officially succeed Jean-Claude Trichet in October 2011. The meeting is set to take place in June.

In May, Draghi passed the first hurdle of approval when European Union finance ministers gave him their backing.

 

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