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The Eurocamara approves the appointment of Lagarde as president of the ECB

September 17, 2019

The future president of the European Central Bank (ECB) and former president of the International Monetary Fund (IMF), Christine Lagarde, at the 2019 annual meeting of the 'Davos Forum' – Boris Baldinger / World Economic F / DPA – Archive

BRUSSELS, Sep. 17 (EUROPE PRESS) –

The plenary session of the European Parliament has given Tuesday 'green light' to the appointment of Christine Lagarde as president of the European Central Bank (ECB) from November 1, the day on which Mario Draghi will succeed.

The Frenchwoman, who has already left her position as managing director of the International Monetary Fund (IMF), has obtained 394 votes in favor, 206 against and 49 abstentions in a secret ballot that, although not binding, has an important political weight .

The ECB has already approved its designation at the end of July, so now there is only one step left for it to become official. It will be the heads of State and Government who formally approve their appointment at the summit that will take place on October 17 and 18 in Brussels.

In the debate that took place on Tuesday in the European Parliament, the economic vice president of the European Commission, Valdis Dombrovskis, stressed that Lagarde has “all credentials” to fill the position and also offers a “strong signal” for the gender balance within the ECB.

The Frenchwoman has not participated in the discussion, but has already made clear her willingness to continue with the monetary policy set by her predecessor at a hearing before the Economic and Monetary Affairs Committee earlier this month.

In his opinion, the downside risks facing the eurozone economy “have not disappeared” and inflation is still “too low” and is “far from the target.”

In addition, Lagarde hoped that he would not have to repeat during his term the phrase that Draghi in 2012 when he guaranteed that he would do “everything necessary” to save the euro, since this “would mean that others are not doing what they should”, in reference to the need to complete the architecture of the single currency to deal with future crises better.

In this regard, the future president of the ECB stressed that the European monetary institution “does not operate in a vacuum” and argued that the effectiveness of monetary stimuli “can be strengthened through appropriate national and European policies.”

Therefore, he added to the position recently underlined by both Draghi and the European Commission and demanded that countries with fiscal space such as Germany increase public spending to stimulate the economy.