It looks like former International Monetary Fund (IMF) head Christine Lagarde is going to be leading the European Central Bank (ECB) to even more money printing, low interest rates, and economic anemia. In other words, Lagarde will likely not only continue the aggressive monetary stimulus, but she will also expand it.
European leaders reportedly agreed to nominate Lagarde to succeed Mario Draghi as the next president of the ECB.
She said in a statement:
I am honored to have been nominated for the @ECB Presidency. In light of this, and in consultation with the Ethics Committee of the IMF Executive Board, I have decided to temporarily relinquish my responsibilities as IMF Managing Director during the nomination period.
— Christine Lagarde (@Lagarde) July 2, 2019
“I am honored to have been nominated for the ECB Presidency. In light of this, and in consultation with the Ethics Committee of the IMF Executive Board, I have decided to temporarily relinquish my responsibilities as IMF Managing Director during the nomination period.”
Draghi term ends on October 31 and cannot be renewed.
The official nomination is likely to commence in the next few months, requiring several procedural moves.
In other European Union news, German Defense Minister Ursula von der Leyen was nominated to be the new president of the European Commission, succeeding Jean-Claude Juncker.
Now that Draghi is gone, will President Donald Trump nominate Draghi should he win a second term in 2020? He did say he wanted to swap Jerome Powell for Draghi anyway (SEE: HUH? Trump would prefer Mario Draghi over Jerome Powell).
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