EU leaders confirm appointment of Lagarde as new head of ECB


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EU leaders confirm appointment of Lagarde as new head of ECB

Late on Friday, the 18th of October 2019, the leaders of EU, a pact of 28 European nations excluding Britain, had formally announced an appointment of former IMF head, Christine Lagarde, 63, as the new chair of ECB (European Central Bank), from November, however the departing President of European Central Bank appeared to have capitalized almost all of the resources available to revive a sharply slowing EU economy, leaving Lagarde bare-handed, suggested analysts.

In point of fact, over the latest ECB minutes later last month, ECB Chair Mario Draghi had extended a negative interest rate further into 0.50 per cent for deposits, while he had launched an initiative to buyback €60 billion wroth of bonds every month until the slowdown concerns erased.

Nonetheless, followed by Friday’s (October 18th) ECB announcement that confirmed the appointment of Lagarde as ECB President by November 1st, Lagarde thanked via tweeter saying, “It's an honour to follow Draghi.

I look forward to working with the ECB's talented staff to keep euro area prices stable and the banks safe. ” In point of fact, leaders of the bloc had agreed on July this year to appoint the 63-year-old Frenchwoman as new ECB Chair, while the Brussels had approved the decision later last month.