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Christine Lagarde is appointed as the head of the European Central Bank (ECB)

Christine Lagarde is appointed as the head of the European Central Bank (ECB)

The European Council appointed Christine Lagarde as the President of the European Central Bank for a non-renewable term of 8 years. She will replace the outgoing President, Mario Draghi, as of 1 November 2019. 

Key Points:

  • On 2 July 2019, the European Council considered Christine Lagarde to be the appropriate candidate for the President of the European Central Bank. The Council i.e., Economic and Financial Affairs then issued a formal recommendation on 9 July 2019.
  • A 63-year-old is a French lawyer, politician, and economist has good leadership and institutional experience.
  • She is the Chairwoman of the International Monetary Fund (IMF) since 2011. 

About the EU Central Bank:

  • Was formed on 1 June 1998.
  • Headquartered in Frankfurt, Germany.
  • Currency is Euro.
  • The European Central Bank is the central bank for the Euro and administers monetary policy within the Eurozone. It comprises 19 member states of the European Union and is one of the largest monetary areas in the world.

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