Mario Draghi was appointed unanimously by the finance ministers of the euro area, Monday, May 16, future President of the European Central Bank. The current president of the Italian central bank, whose choice will be finally endorsed by Heads of State and Government of Twenty-Seven at a summit in late June, to succeed Jean-Claude Trichet as president of the ECB on 1 November.
Mr. Trichet, whose term ends in late October will be spent eight years as head of the Monetary Institute in Frankfurt. A favorite in the race for several weeks, the Governor of the Bank of Italy was held Monday to cut short the rumors spread light at the last moment to be sent instead to the general direction of the IMF in the wake of legal setbacks for USA Dominique Strauss-Kahn.
"Mario Draghi is not at all interested in the position in the IMF," said a spokesman for the Bank of Italy. The charge of "DSK" has revived earlier than planned debate on his estate in Washington. However, German Chancellor Angela Merkel had originally, according to the press in his country, fought for Mario Draghi replaces the IMF rather than the French Jean-Claude Trichet at the ECB.
Mario Draghi has successively received the support of Angela Merkel, Nicolas Sarkozy, Jose Zapatero LuisRodriguez and Jean-Claude Juncker, Eurogroup President, who announced Monday that the decision was taken unanimously. The fact that he comes from a country with a history of high inflation and a significant debt problem had first appeared in Germany but the resignation of the president of the Bundesbank, Axel Weber, in February, quickly powered from pole position.
Present at the ECB since 2006, he has since earned a reputation for careful and considered most likely to maintain consensus within the institution in Frankfurt after the departure of Jean-Claude Trichet. At 63, he is the Italian most respected in the international economic and financial circles.
He taught successively at Harvard University, worked for the World Bank, was an economic adviser to several Italian governments in the early 1980s and spent ten years at the Treasury Department. More recently he has also worked for the U.S. investment bank Goldman Sachs in recent months he was the Chair of the Financial Stability Board, a body to reshape the global banking system.
The arrival of Mario Draghi at the ECB Lorenzo Bini Smaghi should push the current Italian member of the Board of Governors of the institution, toward the exit to free space for a French, a fact confirmed Monday Christine Lagarde. "The discussion then was not on the agenda, but it is a point that was discussed between President [Nicolas Sarkozy] and the Italian Prime Minister [Silvio Berlusconi] on the participation of a French representative on the ECB board, probably in lieu of an Italian, "she said.
"This can not be president, of course. It is therefore necessary that the other can gracefully leave her seat to a French," she continued. 
Mr. Trichet, whose term ends in late October will be spent eight years as head of the Monetary Institute in Frankfurt. A favorite in the race for several weeks, the Governor of the Bank of Italy was held Monday to cut short the rumors spread light at the last moment to be sent instead to the general direction of the IMF in the wake of legal setbacks for USA Dominique Strauss-Kahn.
"Mario Draghi is not at all interested in the position in the IMF," said a spokesman for the Bank of Italy. The charge of "DSK" has revived earlier than planned debate on his estate in Washington. However, German Chancellor Angela Merkel had originally, according to the press in his country, fought for Mario Draghi replaces the IMF rather than the French Jean-Claude Trichet at the ECB.
Mario Draghi has successively received the support of Angela Merkel, Nicolas Sarkozy, Jose Zapatero LuisRodriguez and Jean-Claude Juncker, Eurogroup President, who announced Monday that the decision was taken unanimously. The fact that he comes from a country with a history of high inflation and a significant debt problem had first appeared in Germany but the resignation of the president of the Bundesbank, Axel Weber, in February, quickly powered from pole position.
Present at the ECB since 2006, he has since earned a reputation for careful and considered most likely to maintain consensus within the institution in Frankfurt after the departure of Jean-Claude Trichet. At 63, he is the Italian most respected in the international economic and financial circles.
He taught successively at Harvard University, worked for the World Bank, was an economic adviser to several Italian governments in the early 1980s and spent ten years at the Treasury Department. More recently he has also worked for the U.S. investment bank Goldman Sachs in recent months he was the Chair of the Financial Stability Board, a body to reshape the global banking system.
The arrival of Mario Draghi at the ECB Lorenzo Bini Smaghi should push the current Italian member of the Board of Governors of the institution, toward the exit to free space for a French, a fact confirmed Monday Christine Lagarde. "The discussion then was not on the agenda, but it is a point that was discussed between President [Nicolas Sarkozy] and the Italian Prime Minister [Silvio Berlusconi] on the participation of a French representative on the ECB board, probably in lieu of an Italian, "she said.
"This can not be president, of course. It is therefore necessary that the other can gracefully leave her seat to a French," she continued.
- "EU ministers to Announce on Monday: Mario Draghi, Bank of Italy Governor and Ex-Goldman Managing Director, to replace Jean-Claude Trichet" and related posts (15/05/2011)
- Mario Draghi to be annointed soon as ECB chief (16/05/2011)
- Euro-zone ministers back Draghi for ECB head: WSJ (16/05/2011)
- Euro Zone Endorses Draghi as ECB Chief (16/05/2011)
- Eurozone endorses Draghi to become next ECB head (16/05/2011)
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