The European Council formally appointed Christine Lagarde president of the European Central Bank (ECB) on Friday.
The European Council decided it wanted Lagarde to take over from the bank’s current president, Italian Marco Draghi, back in July.
The Council consulted the European Parliament regarding her appointment and the Parliament gave the go-ahead in September. She will serve a non-renewable eight-year mandate.
Now that she has been formally appointed, the French politician will start her new position at the ECB on the 1st of November.
Lagarde will be the first woman to become president of the ECB, the European Union’s main financial institution.
The European Central Bank is based in Frankfurt. Its main function is to ensure prices remain stable.
It aims to keep inflation slightly below two percent to achieve this, but this hasn’t been possible over the last few months.
The Brussels Times