EU Parliament gives a nod to pave way for Lagarde to become next ECB president
The nod from EU lawmakers paves the way for Lagarde to take up the post with the European Central Bank in November. Once formally confirmed, she will be the ECB’s first female president.
France’s Christine Lagarde secured the backing of the European Parliament to become the next president of the European Central Bank following a vote on Tuesday.
The former head of the International Monetary Fund was nominated in July for the role to succeed Italian economist Mario Draghi.
The EU Parliament’s non-binding vote in Strasburg, France, saw Lagarde receive 394 votes in favor and 206 against, with 49 abstentions.
Lagarde who will be formally appointed to the post by EU leaders at the next summit on Oct. 17 and 18 will be the first woman to helm the ECB.
The European Central Bank (ECB) is responsible for the administration of the euro currency within the 19 Eurozone countries and overseeing monetary policy in the EU. Her nomination comes at a contentious time, as the current president, Draghi, this month announced measures to ensure that the euro meets its inflation target of just below 2%.
Ahead of the vote EU lawmakers debated Lagarde’s candidacy and the role of the ECB and the future of the eurozone.
Lagarde was nominated in July to succeed ECB chief Mario Draghi, as part of a package of top EU appointments. She would be the first woman to take on the job.
The ECB’s core task is maintaining price stability across the eurozone. To this end, it seeks to keep inflation at just under 2 per cent. It had been hovering significantly below that for several months.
Socialist group leader, Iratxe Garcia, welcomed Lagarde’s pledge to prioritise green and sustainable growth, but warned that, “we will be on her heels to make sure monetary policy is used to improve people’s lives.“
According to the Head of the liberal Renew Europe group, Dacian Ciolos, Christine Lagarde faces a challenge to unite the ECB and provide coherent policies in an increasingly turbulent global economy.
“But I have no doubt that she is the right person for this job,“ he said.
Green EU lawmaker, Sven Giegold, commended Lagarde as experienced and assertive, adding, “we will pay attention that Lagarde follows up her green words with green actions.“
However, while parliament’s approval was not a legal requirement, its support was considered politically important. Many EU lawmakers had long insisted on more female representation at the helm of the ECB